RE: Harry Stratford21 Dec 2015 19:13
Cash balance of €13.6m as at 30 November 2015 prior to the grant of an unsecured 4 year term loan €660,000 to finance residual running of oil and gas assets"
It was my understanding this loan will be transferred to fastnet hydrocarbons, so that fastnet hydrocarbons can self sustain itself without drawing any capital from fastnet equity. When the oil assets are sold within this 4 year period, the loan is paid back then whatever value is left goes to the beneficiaries.
So by this logic you should not subtract the loan value from fastnet equity cash position... when the loan is granted you add it to the cash position and also to the liabilities under borrowings + also interest incurred.
I stand by my 2.895p net cash for fastnet equity.