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Rpg, re : CLN the below posted a few weeks ago : thanks to' georgesorrow ' on the other forum
'' Like most here I have started to fret about the loan note holder (LNH) redeeming the loan note immediately after 31 July if a binding GSA has not been signed. At that point the value of the convertible note would be £2.67m.
But it is not a foregone conclusion that the LNH will want to do this. The LNH had the right to redeem the note within five days of the Jade well announcement, when its value was £2.2m, but chose not to and restructured instead.
The face value of the note is £3.3m at the moment. If the GSA is not signed by 31 July and the LNH chooses to redeem shortly afterwards, the face value falls to £2.67m as stated in the RNS dated 10/5/22, so the LNH appears to be taking an instant £630k hit by opting to redeem.
If the LNH has confidence the GSA will be signed in the near future, it could choose to sit tight, and so EME's short-term financinng problems recede.
The wording of the RNS is actually pretty inadequate in that it only describes two scenarios, when there are clearly many others. It says:
"If a binding GSA is not entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender may redeem the Convertible Note at any time thereafter, in which circumstances the face value of the Convertible Note will be reduced to GBP2.67 million;"
This can be read as EME being rewarded for lateness in the GSA being signed to the tune of £630k, irrespective of when the LNH chooses to redeem thereafter ("at any time thereafter"), i.e. before or after the GSA is eventually signed. I can't imagine this is the case.
The RNS also says:
"If a binding GSA is entered into with regard to the Mako Gas Discovery in Indonesia on or before 31 July 2022, the Lender will not redeem the Convertible Note prior to 1 December 2022, with interest accruing thereafter at a rate of GBP330,000 per calendar month;"
Taken literally this means that we only have to worry about £330k/month interest from December if the GSA is signed in July, and that if the deadline is missed and Duyung has not been sold then none of this applies. Again, I can't imagine this is the case.
The wording is clearly inadequate. If the GSA is signed in say September and the LNH chooses not to redeem in advance of a sale of Duyung, is the value of the loan note £3.3m or £2.67m? And does the interest kick in from December or not?
Anyway, my take from revisiting the RNS is that it is not a foregone conclusion that the LNH will choose to redeem shortly after the 31 July deadline.
The option is there, but the LNH may prefer to sit tight meaning that a cash call/placement is not necessary. But I would be resassured by a more comprehensive statement on the debt restructuring that covers all scenarios.
The more you look at the wording of the RNS, the more confusing it becomes. ''
No matter how you view the RNS eme. are on the back foot thanks to the BOD.They have gambled and lost shareholder's hard earned cash.I don't know whats going to happen with the Mako gas asset but i carn't see it being monitised for true value thanks to circumstance .
Just to let the bod know this is the last working day,would be nice to get some info for the people that actually own the company.
Keeps on dropping and dropping. Padlocks on the doors RNS or something in the pipeline.
Obviously ,there seems to be little respect for the shareholders,never mind, the bod salaries will not be affected.What goes around comes around.
Looks like us mushrooms don't need to know whats going on . Good communication and prudence tends to go hand in hand with quality management.
Yes the loan note issue is very worrying but I remember Chaco (I think it was called) on the AIM some years ago in a very similar situation. That turned out okay though & was a 20 bagger for me personally, although I definitely got out too soon with hindsight.
To everyone thinking of investing here, this is the AIM, it is nothing more than a gamble so treat it like a day at the races, do not bet more than you can lose. many, many oil exploration companies have gone bust & for those that don't understand when they go bust you have lost your money, forever. Hope EME is successful though.
With a horse race ,you can see the runners and riders and the course.Aim runs the race generally in the dark ,changing the length of the track and rules to suit themselves at will .
Agree rag & all while the board of directors get handsomely paid with investors money win or lose.
Then they move onto the next venture, just look at Quindell & many other businesses.
Think the gravy train must be heading for the buffers,next to the last chance saloon.