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Yes mirasol,we need to oayback $230mil.
As per last year report, we had $120mil cash ,that means we need to arrange $110mil more.
So after 31st december,our cash position is getting more and more stronger and i believe as our calculation from 1st of jan to 31st dec 2021,we will have 90mil more cash(lets say 70mil??)
Means we need to arrange only $30-40mil.
Hope you understand??
It would appear to be a prima facia case the Bondholders are in a far better position from a risk Maturity repayment perspective then they have ever been since the Bond was issued. Additionally, the implied risk is ameliorated by the high coupon rate, and every payment of this has been made in full and on-time. Can’t see any reason to be concerned given the amount of oil recovery and the rising return at the current Brent price.
Don’t Panic! Keep Calm and Carry On!..................With a new BoD of course!
What would have been a better process by this useless board was to pay 50% of the CB holders debt and make that conditional on the maturity date to be extended by another 3 years
Since the CB holders have been receiving 7.5% interest in the last 4 years and still another year to come the 50% payment would mean they will get over 85% of their money back and by committing only 15% at risk for another 3 years given that they will receive another 3 years of 7.5% pa of interest on the 50% still owed they will have very little to lose even if things turn for worst
This way the company will only have to commit 115 million by next year and use the money earned for the next 12 months to carry on work overs and in process increase the production and even access additional resources to bring to more production
And if things go to plan and the production is increased to 16/17000 boo/ day they can even pay the rest of the CB holders debt earlier than in 3 years
Now would’t any decent BOD at least would have considered such reasonable option and put that to the CB holders, knowing that even if the company was to fold there would be sufficient tangible assets to for the CB holders to get most of the remaining debt back?
This is what is called forward thinking and pure robust management
Something this BOD have lacked from day one but very good at deceits and scams
Please vote to get them out, they have proved they are not there to protect shareholders value and as such have no right to remain and draw far salaries
It’s all in our own hands now we are the owners of this company not these scammers and incompetent lot