TMK Energy Limited (AU:TMK) has released an update.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
TMK Energy Limited has extended the closing date for its entitlement offer by three days, giving shareholders until October 25, 2024, to participate. In a bid to preserve cash during a critical growth phase, the company’s directors and management have agreed to halve their cash fees, taking the remainder as equity, which is expected to reduce costs by $250,000. Additionally, TMK aims to cut its operating costs by 30% as it progresses with its coal seam gas project in Mongolia.
For further insights into AU:TMK stock, check out TipRanks’ Stock Analysis page.