RE: Quietly confident27 Aug 2021 15:43
Ap2,
You're confusing repayment of interest with repayment of principal ie redemption of the Euro 40 m bonds.
If you read the terms of the Charge (have you ?) , the Exit Fee arrangement is described thus :
.."Exit Fee on the date of repayment or prepayment of the Bonds by the Chargor (= 1AF"/TAG) in full or on the Repayment Date whichever is earlier, an amount equal to 33 percent of the value of the shares of SYME held by the Chargor calculated in accordance with Methodology B"
Rather unhelpfully, although a defined term, I couldn't find a defintion of 'Methodology B'.
On the face of it though, the higher the shareprice (your argument), the GREATER the Exit Fee payable on repayment of the Euro 40m.
And when you further argue that there's no actual cash involved ('just a swap') , that makes the independently payable Exit Fee even more bizarre. Why is AZ willing to forfeit 2.8 bn shares (as it seems he is) for some window-dressing ?
I've already pointed out that the description of the Vendor Loan [ that would confirm that 1AF2/TAG] is 'lending' the purchase wherewithal that ECP states was included in the AGM Notice doesn't in fact appear in that document AFAICS.
It also turns out that in the RNS ECP doesn't mention anywhere the nature of the Security Package ie that it consists principally of SYME shares.
Oh , and the Charge is 'fixed and floating', so covers not only the identified SYME shares but anything else of value that 1AF2/TAG , other SYME shares, any other assets, monies, bank accounts, etc.
Maybe , if/when AZ gets round to notifying the market, all will become clear.
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