RE: Cat amongst the pigeons19 Oct 2024 13:23
No arms length funder is going to invest in Recyclus so they can repay Technology Minerals. That is known as 'new money for old'. It makes no sense to structure a deal that way.
New money going into Recyclus business and assets will insist that it is spent on Recyclus business and assets.
There are many ways to do that, the simplest of which would be to put Recyclus into admin (it is not at cash break even itself, so if TM1 cannot / will not fund the ongoing losses it is bust) and prepack a clean asset sale into a new SPV.
I have no idea if that, or something like it, is afoot, but there is no way anyone independent is going to put say £3m into Recyclus for it to send that money to TM1. Never going to happen.