Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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From page 141 of the annual report:
The RCF is subject to a springing covenant when utilisation is above 35.0%. The covenant requires the Company to maintain a net leverage of 5.0x, tested semi-annually on a 12 months rolling basis. In 2020, the Company secured a covenant waiver on the RCF until June 2022 testing date.
There is absolutely no way that they achieved 5x EBIDTA net leverage on 30th of June. Even under the most optimistic scenario it would be more like 15x. There's no question the covenant has been breached.
That being the case, they either need a waiver, which they have not got, or to pay it down below 35% utilisation, which they also haven't done, per IR comms.
So what is going on and why has nothing been announced?
My point about the board , same posters prob with multiple identity with the same hym sheet that we have heard again and again and again and................again.
These posters will turn up in days like this only , red days and the obvious reason they are around a lot latley is because there's been a lot of red days.
Wait till a day the s.p moves north , there silence will speak volumes, and the reason they don't come on these days is its hard to convince posters there agenda when the s.p moves north
MadDork - you keep on about the waiver not being given, who says they needed it this time?
I'm not saying it's instant curtains. They clearly haven't officially defaulted, since that couldn't possibly be hidden. What this fiasco clearly *does* show, in my view, is that lenders are no longer willing to cut CINE the slack they once were. This bodes extremely poorly for future liquidity issues (plex judgement, rcf refinance, bond maturity etc), even if they escape the current jam.
It's only a matter of time before time is called, CINE goes bust and somebody buys the business from administration at a large discount to current EV.
Thought i would pop on today as a LTH yes we have been here before. As a Cineworld unlimited card holder who goes twice a month this is not a business that will go Bankrupt in my opinion. Covid hit us hard but 2 years down the line here we still are with the same doom and gloom merchants same spill different names. To all you derampers we shall not be moved our money our risk . I would rather lose the lot than sell one single share this storm will pass as will the gloomers.
Good to see some of the old Biscuit crew still posting miss the old days with you guys and girls.
DYOR GLA
The last IT comms was clear.
If they need to announce something they will else it will be covered in the September results.
I agree something would be good as a way of rns which is why this is tanking with all the uncertainty but you or no one else can 100% say its curtains just coz they haven't announced waivers etc.
All in good time. I know you wsnt to close your shorts and we want it to rise but sometimes these things take time. Maybe we'll both end up happy one way or another?
Why have they not been granted a waiver, then? Previous waivers were announced well in advance, and IR comms have confirmed that they have not received one for the 30th June test.
Madstork... Losing patience? They hadn't lost patience during the pandemic when no revenue was coming in and they were prepared to lend lend lend, but all of a sudden the cinemas are jam packed and revenues streaming in they are losing patience at getting their money back? Seriously???
Even if the judgement is entirely overturned (which it will not be), CINE's existing debt is too much for the business to bear. You only need look at the fact that they have not been granted a waiver on the RCF covenant test to see that lenders are losing patience already. If they can't pay if down to 35% utilisation then it is Goodnight Vienna soon anyway, even without the impending doom of the Cineplex judgement.
Wish one if those big guns would shoot you down you little cretin.
Haha keep it up, we're all staying calm, you grt excited by the drop, we fully expect and prepared for further drops before the inevitable rise. Have your two kins of fame then clear off to boohoo or wherever you shorters like to lose your money
Whenever I swim in the ocean there are some big passages.
Waste of oxygen.
I went to Big Guns 2 in Southhampton and noticed lots of people buying popcorn.
Cinema has a strong future!
CINE gonna pop any moment now !
I m sure if we go see the movies over the weekend this will fly back up, as long as we buy plenty popcorn that's another 1 billion month.
Metom cheers matey , I ont really believe In magic , patience is prob the more realistic remedy.
However if a out of court happens and the s.p rocketry beliefs may change lol
Good to see you Bonkers ,
Have good holiday mate . Hope by the time you come back there might be some magic happens :) for SP
Cineworld had too much debt, enough to sink the company. Called it early. Called it right.
Heard this from better derampers 2 years ago , 18months ago 12 months ago , 6 months ago and now from you.
Only difference is the reasons first it was debt then covid , then streaming then the war , then cost of living and now the court case.
Cineworlds s.p granted reflects this , to countershaft argument trading continues to get stronger and have never failed to secure extra liquidity as and when required.
I hope we don't get a heavy snow storm in winter otherwise every one will be snowed in and won't visit the Cinema. Your like a broken record , oceanpassage more like something similar to a backpassage
You don't need a crystal ball to see that distressed finances need perfect operations, which is obviously an unrealistic position for the balance sheet.
Cineworld had too much debt, enough to sink the company. Called it early. Called it right.
Not we have holders coming on at 18p saying there investment criteria a still valid and 'de-rampers' were lucky.
More front than Brighton. Greed
Metom yes I'm still here , haven't sold a single one of my shares , certainly won't be at these prices and intend on going NOWHERE for the long foreseeable future.
The problem is most opinions who I value here have been pretty quiet of late. Has led to a pretty horrid board
I believe this is gonna take time a lot of it , although appeal date is in fact moving a lot closer now. I believe other LTH who I value also believe this will take time , so instead of posting for the sake of posting they choose to use that time away from here , ( a wise choice ).
The board is filled with the likes of Oceanpassage, giantsquid, insiderinfo , themadstork, and some one hit wonders that have a single message here trying to create arguments we had over a year ago. With the lowlifes back then.
Make absolutly no mistake these chaps have shorts open , their entitled to do that and have a opinion that this will go down , they will NOT be here once their target price is reached, in other words If this went to say 5p they will be long gone by then and new shorts will be here.
Have said it before they are simply here to create doubt , cause havoc and use this forum as an agenda to Try and make people sell their shares in the hope the s.p goes down , no other reason does it make sence for a shorter to go on a INVESTOR FORUM. Other then they speak to many cineworld investors at the same time.
S.p is ridiculous, a complete disaster as far as my investment goes. But those posters mentioned did not know a year ago of the war in Ukraine, price of living issues etc , these things fell into place for them to spread their fud.
It's a bit like a ramper screaming after a successful court win later this year that he knew 100% it would happen, when in fact that would be a lie, no-one here knows for certain the court desicion , we can only invest based on our beliefs on what may happen.
These people are not offering free financial advice and I would always be very wary of listening to people telling you to buy or sell shares of a public forum.
To the ones that offer decent opinion , thanks for continuing to make the effort and offering some decent content , Hexham you have posted some good stuff recently , and nice to see some other lth have posted the last week or so , some i have known here a long time but haven't seen post here for a while .
For now I'll continue looking in from my sunbed in kos until I'm back next week , I continue to believe the company trading continues to move in the right direction and in my heart believe its only a matter of time before the disastrous s.p changes for the better.
Big news coming up in the next few months regarding waivers, appeals and trading, good or bad I'm here now