RE: Silence…..11 Mar 2024 11:32
What more do you need at this point, Retired? Given the complexity of the transaction and the difficulties with Triam and the period of silence as you reference, this update could have been way worse, imv. First you have to accept that given the length of suspension so far, that the NOMAD will necessarily be holding a gun in one hand and a microscope in the other in their comms with the Company. The first in order to make sure a full update was provided and the latter to scrutinise any and all claims made in today's release. With that in mind, despite the cynicism here dialled up to 11, I think you have to accept that the RNS's most important contention - that this latest deal is likely to close by this month-end - is in fact the most likely outcome for the Company, and for that, we should all be encouraged. In other words, there is next to 0 chance that the Company could include a statement like, '....I am confident that the difficulties of this past year will soon be behind us as our forthcoming Refinancing will enable us to fulfil our long-held strategy of becoming the majority shareholder in ELI....' without significant, credible evidence provided to a NOMAD who is, by definition, going to be on hyper-'SHOW ME' mode. Like it or not, that is at present, now shareholders' highest probability outcome and, as I said already, the message in today's release could have been far, far worse than that. Also, I honestly thought the creditor section, again given how long this has dragged out, would necessarily have had a far more negative tone to it with the Company having to reveal some more dramatic actions taken by a creditor or 2. Instead, reading between the lines a bit, I honestly felt that the RNS portrayed a more 'relaxed' creditor base than one might have reasonably expected, ie., lending more credibility to the overall confidence from management that this latest deal will in fact close soon.