RE: Baita Plai, only a stepping stone28 Nov 2020 14:35
Mafs- I disagree with "BP standing on its own two feet"!
As much as the first shipment is a big milestone and it finally happened! The jury is still out and market is waiting for some very important milestones
BP shipped one shipment (and it was late), but better late than never.
The problem is this was the first shipment and was 350tons, why hadn't more been shipped? As the shipment was delayed why didn't they ship the additional concentrate made from the time they produced the 350?.
Imo, I think the market is waiting for three things: a) the final terms of the refinance and think that this is already delayed because shipment would be part of affordability, B) Second shipment in December, C) Do Drawdown of the refinance and settlement of Atlas!
.5he final point is essential and this will probably not happen until end of December or January, now!
So, this raises the risk, would Atlas convert more shares, if this is the case? Or would VAST have enough to pay cash for November and December payments and keep Atlas happy to not convert?
I say this is a risk, because if I am correct and shipments are part of affordability and a precondition to the facility, has the delay in first shipment delayed the refinance and as such would the payment be made by the end of the year to settle Atlas as agreed? And if it creeps into January, would Atlas play nicely?
For me, this is why the share price hasn't moved and won't move until drawdown and settlement of Atlas loan