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The state of emergency is still in place in Papua New Guinea. Nothing doing until it is removed. Mr Parsons appears to have annoyed two Australians. The first at Mambare where he succeeded in reducing the JV to a 41% minority role. No control. The second at WoWo Gap where Regency bought some of the debt owed by RMI. Without prior notice to the notice of the BOD of RMI. Not a good start to any discussions, if any. The exploration license renewal at WoWo has been put on hold until after the SOE is lifted. And then it could take 9 months of more. So, nothing happening in PNG anytime soon. Come back in June 2021.
The peaky blinder news in downtown Southport is overdue. Times are changing. Isn't "shovel ready" good enough to get investors salivating anymore? Will the company collapse without that cornerstone investor? Was it the great Warren Buffet who said " do you feel lucky punk, do ya" or a Pussycat Doll? It doesn't matter. The future is bleak.
The State of Emergency was lifted in PNG 2 days ago, travel restrictions also lifted.
https://www.worldaware.com/covid-19-alert-papua-new-guinea-ends-state-emergency-june-16
No evidence to suggest Parsons has upset any Australians, on the contrary in fact.
No-one seems to have commented about the strength of the cornerstone investor, Sinom Group, that now has a near 8% stake in Regency, they have been funding Resource Mining Corp (owners of the Wo-Wo Gap nickel project) for some considerable time. They look a financially strong outfit.
https://www.sinomgroup.com/about.html
Could be a turning point in RGM fortunes, not reflected in the £1.7m m/cap so far at least.
Translation:
Borrower is upset with lender. Well that only ends one way, fall out with the lender and your lose your assets. I am sure that if RMC/RMI want to pony up and repay the loan at full face value, JP will be more than happy particularly as we have a deal to buy more of the RMC/RMI debt at a discount.
https://www.londonstockexchange.com/news-article/RGM/nickel-deposit-debt-acquisition-funding-and-tvr/14494864
Regency has agreed to purchase AUD 1.71m of outstanding corporate debt in RMI from Sinom Hong Kong Limited ("Sinom"). The consideration is £178,096 cash plus 13,288,982 new ordinary shares ("Consideration Shares"), representing (at a price of £0.011 per ordinary share at the time the transaction was finalised) an aggregate consideration of £324,275 (the "Transaction") being a 62% discount to the face value of the debt, effectively at full face value an equivalent issue price of £0.05 per share. The new shares are subject to a lock-up for one year.
Regency has been granted a 6-month option, extendable at the election of Sinom, to purchase the remaining RMI debt of AUD 3.05m for consideration of 23,711,018 new ordinary shares and AUD 640,000 in cash, which represents a similar discount to the initial acquisition.
So Mr Australia can get as upset as it likes, he pays up or shuts up.
DYOR