Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
RBM - Totally agree. Refinancing is key here and it needs to be done quickly. AM chuckled about hopefully by August. I took this as meaning he needs the money for the horizontal drills that he is committed to do. Timing is critical now.
It could be delusional or it may not be. AM has explicitly said he is looking to refinance once cuda was in the bag so the bridging loan is what it says. Of course it will cost the company a lot but due to the current position of the company this was to be expected.
Things could get a whole lot better from here and quickly. The company is in a much better position than it was yesterday.
Have to agree with gold. The reality is that the company was bordering on bankruptcy so to pull this off was obviously going to involve some dodgy financing. AM as a matter of urgency needs to obtain the RBL to improve the company position. Short term pain for long term gain indeed.
Noob, why can't you understand that the goalposts have shifted dramatically in the last 6 months. AM is l agree playing hard and fast with the rules but fate is with him (for now). In this climate and the poo banks should be keen to almost write him a blank cheque lol.
Good to see you holding from Friday afternoon iron. When you sell please don't talk about car crashes and going to the wall like you did Friday morning after you sold. Sick of these disingenuous posters.
I'm angry that this got taken down for no good reason, I expect to see it back in the 30s next week.
Hi Noob but % terms will be better. Like I said the original loan was done from a position of weakness, remember what the poo was at the time? Commercial terms really ought to be a lot more favourable. I understand your anger but I honestly think you're making a mountain out of a molehill. Gl
Nor me Sid, people panicked and sold whereas the truth this they should be buying. It seems obvious that Art has been busy and that's what matters, he must be confident that he can raise a lot of finance for these drills which is incredibly exciting.
Appreciate Iron's more balanced posts. Thanks. We all knew finance was the key here or at least l did. Personally think there's a lot to be excited here. AM must be confident that finance is not an issue and why should it, the company has great assets and in the current climate banks will want to do business. I think the covenant breach is down to the fact that AM knows the old financing was done from a position of weakness. That is not the case now and don't Art know it. There was far too much emotion and di ks like gold are plain evil by trying to ruin people's weekends. This is the time to buy not sell.
Thanks hfb, I know there's a possibility we can afford these things especially with some restructuring but we are as usual left guessing. This is what the market is waiting for imo and we are now at the stage where AM will have to come clean with regards to it. This l am hoping will be included in tomorrow's rns