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https://www.bnnbloomberg.ca/banks-ordered-to-temporarily-suspend-lending-in-ethiopia-1.1639872
Ask yourself WHY HAA decided to forget the "$60m" past expenditure as claimed for the submission to the "regulatory agency, meaning the license revoke decision maker " begging for the extension of time for so-called Syndicates and contractors willing to advance their cash for "future reward" , which I am sure it is not binding! HAA ask the African bank to commit first before all others will then commit ! EG govt know fully well the "Kefi's light" is about OUT any day, If I was EG, I would say NO! Binding commitment first before I approve ! There are a plenty of cash rich majors will bid in forthcoming bidding war for even a large stake for EG govt ! Why Not , after all, HAA has been playing with EG and us PIs long enough just to rich himself ! As for the EG to give a reason for revoke Kefi's license anytime , a good reason is "Kefi lied for its past expenditure for $60m, kind of money KEfi never had !! GLA
Smelly: I generally agree with the potential funding via Convertible loan but ONE big question will be , given the fact that EG has given Final warning to Kefi to revoke its license if HAA cant sort out financing soon (July?), what collateral can Kefi put up for the loan for say 3-5mUSD?, Saudi asset?
Themask: if you can do simple math, rather then just ****ing about : The balance book of Kefi is already zero if not negative if you calculate from the last fund raise of £3m on 16, Nov 2020 with 1m / month spending, what you think they gonna do with zero cash ?!!
If HAA is lucky, we all have 10% dilution for a price way below 1.5p , if nobody wants to buy the share, convertible loan will be alternative , again, if we lucky but a death spiral to much lower to drag it through after rain season! If all failed, we are F...ed as EG will take the licence away as they did gave final warning ! GLA
Again kicking the can down the road further stuff ! if anyone asking questions , I got a big one: "what figure He put for historical expenditure ? $60m or $13,8m, why the change" ??? IMHO, fund raising either via convertible load or way below 1.5p for £2-5m in definitely on the card if HAA can get it ! GLA
My problem is 1:) this RNS kicked the can down to end of the year ! 2) upcoming placing way below 1.5p, 3) No local investors , 4) HAA finally admitted that Kefi was Warned when last RNS denied the fact ! 5) The potential risk of Corica NOT to committee $60M investment in exchange for the Contract . 6) After Election of 21st, July is rain season so nothing will be done on site and all locals will be sitting around smoking weeds ! 7) All the $20m Spending by EG on infrastructures will only enhance the overall project value , 8) potential inside deal by Chinese to revoke the Kefi's license and Chinese Pay big to EG govt and decision makers with few fat brown "red bonus " and promising FULL project funding and speedy kick off the project ! btw, Chinese is big in Ethiopia now ! Well, take or leave it, this is my hunch ! PS: For EG, why not with the highest bidder to do a better job !!
Let along that US just imposed sanction on Abi over Tigary genocide , so no more funding from IMF! Abi insists to "finish the war in Tigray " and started to fill the Dam anyway and ignoring the International Law and warning from join force by Egypt and Sudan , they just done an join military drill to make treat to Abi over down stream water sources as "existential treat" to these nations !
"Whilst final approval of this updated plan is awaited as a condition precedent of the Project financing, TKGM has exchanged formal confirmations with the licencing authority regarding TKGM's commitment to honour the already outlined Project timetable;"
Ask your self , if Kefi was not given Warning by the regulator before, why all of sudden Kefi talks to the License Authority to "assure its commitment " with ZERO Money ??? Did HAA told us all true and has Kefi been given the guarantee that EG will not revoke its License ? Placing way below 1.5p is definitely on the cards and the whole thing drags on after July when rain season starts so nothing will be done on site ! GLA