Quick Question6 Mar 2018 08:49
Amounts due to the Board of Inland Revenue ("BIR") and Ministry of Energy ("MEEI") reduced to US$5.9 million (H1 2017: US$10.6 million), US$2.9 million below the amount envisaged under the ratified repayment plan
The Company's net debt position was significantly reduced to $0.1million (2016: $38.0 million). The net debt position includes the amounts owing to the BIR and MEEI, the face value (including accrued interest) of the Company's convertible loan note ("CLN") of US$7.0 million and other current assets and current liabilities. The net debt position would have been even stronger but for the Supplementary Petroleum Tax ("SPT") arising in Q4 2017 of US$1.5 million and an accrual for property taxes which may be due in respect of 2016 and 2017 of US$1.4 million. However, this accrual may be reversed in H1 2018 if the bill currently before parliament waiving the property tax obligation for 2016 and 2017 is passed.
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How does this stack up? May be an obvious explanation and can we consider CLNs almost paid off?