RE: Everything on track!30 Sep 2024 08:12
Main thing looks like Harry/kefi getting more ambitious looking for an official second bank sign off and more money suggests to me that they are going for early development of the deeper pit that along and some kind of listing to follow Major works. Maybe they could have got the main deal done by now without the add ons.
Not sure how happy people will be with waiting for longer even if it adds to kefis prospects.
Some mention of Tweaking of kefi agreement with Artar generally seems to be adding flexibility though.
“the co lender's credit approval which now includes a discussion in respect increasing the financing amounts on offer;”
“preparing for possible additional stock exchange listing of KEFI or regional listing of the Ethiopian subsidiary, to follow the launch of Major Works at Tulu Kapi.”
“the book build for the issuance of the Equity Risk Notes to local subsidiaries of multinational corporations and local sophisticated investor; and”
“Amendments to the shareholders' agreement provide flexibility in the event a shareholder stake falls below the 25% threshold. These amendments include adjustments to the composition of GMCO's board based on shareholding percentages and amendment to the process for nominating and appointing the Managing Director/Chief Executive Officer. In addition, indemnification and reimbursement clauses were added for parties undertaking sole risk projects, with guidelines for compensating GMCO for costs incurred in such endeavours, as well as a framework for continuing projects independently.”
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