Member Info for rustybucket

We haven't had more reaction to the RNS. Perhaps people still asleep.

Keep it up Batman. You regularly beat the Joker.

As they sent out 4 bookrunners I would expect a mix of investors. Time will tell.

Pay off banks, cut restrictions, get pox hub ready make more profit and pay them off. Seems okay to me, At least its a plan. Where was the plan to repay bank debt ??

So why did Hambro when he was in charge say that there were thoings they wanted to do but they were restricted by the bank, Is that not influence. And what rate are they paying the bank for the facility ??

A repeat of the RNS from 2015. To confirm what is outstanding. 5 January 2015 Petropavlovsk PLC (the "Company" and, together with its subsidiaries, the "Group") Announces extension of Bond Maturity Date On 8 December 2014, the Company announced that preliminary agreement had been reached with bondholders ("Bondholders") representing approximately 62% of the Group's outstanding US$310.5 million 2015 Convertible Bonds (the "Existing Bonds") to support a refinancing plan (the "Refinancing") that will secure the Group's future. The refinancing package comprises a proposed pre-emptive US$235 million Rights Issue at 5p per share, a bond exchange and a new five year convertible bond with a target size of US$100 million. The Company expects to be sending out documentation to convene the Shareholder and Bondholder meetings and to set out the detailed terms of the Rights Issue and to make the bond exchange offer later this month. Given the complexity of the documentation, the disruption caused by the extended seasonal holidays in Europe and Russia and the minimum periods required for the Shareholder and Bondholder notices, as well as for the trading in the nil paid rights, there is a risk that the Refinancing would not be completed by the original maturity date for the Existing Bonds of 18 February 2015. Accordingly, with the approval of Bondholders holding over 75% of the Existing Bonds obtained by way of a written resolution, the maturity date for the Existing Bonds is now being extended by one month to 18 March 2015. Subject to receipt of the relevant So As Kenj alludes to 100m outstanding. Others were cleared with the rights issue.

Its like comparing spaghetti hoops with spinach. Venezuela 20 year bonds AGAINST A 5 YR POG Bond. Sorry. RIDICULOUS. I would expect better from a supposed learned person.

Is that the price dropped ridiculously. We saw a little bit of a comeback, then all of a sudden 220 and 219 "A" trades appear and take it back down again. That's not a coincidence. We have seen the same affect the price upwards as well. I do think it is a matter of when not if. But, its not happening overnight ( unfortunately ).

Funny enough, that post just about sums up me as well. Except that I do believe that the company can flourish and prosper. But with the benefit of hindsight I would have sold and bought in at 16p. I didn't. Time will tell.

If you read the information you will see they are CHARGING -0.75% to hold the money in savings accounts so for their investors it is a cheaper option. Might sound ridiculous but factual.

Bonds are designed to give money back at end of term. Presumably swiss government was deemed " as safe as houses"

Sme comparison with companies. Not goverments with same reason then I might consider further. In this environment when we need money. I don't think its bad. It also depends on what we are paying for bank debt.

There is still risk to bond holders, but a lot less than with shares. And in event of default bond holders higher up the food chain. But that's only applicable in event of default. Hopefully are finances are improving.

They have sent bookrunners out to guage demand. These people will have been paifd for that. These are corporate bonds and "B" RATED and for 5 years so they will want a reasonable coupon. They say they will be traded on Irish exchange. Hopefully once POX hub up and running share price will do a lot more than 40% over 5 years. But, Bonds are safer.

The money hasn't been received and we have no idea what they will do with the money with less restrictions. So as usual its a case of wait and see. At the end of the day its just swapping debt for debt and there will be a cost. So not earth shattering news.

You are this is to repay bank debt so giving them more financial freedom. They have been under the control of the banks with a lot of restrictions for a while. Hopefully once we get POX hub up and running and start generating good profit our credit rating will improve further leaving room for expansion. Remember at one time this company wasn't far off FTSE100.

I think 8.125% for b rated bonds isn't bad . I wonder what rate they were paying the banks ???

As I thought to help re-negotiate banking facilities and give themselves more manouvreability.

You are joking !!! A positive post. More likely to see pigs flying or Lord Lucan riding by on Shergar.

To be honest I have my first EVER person on filter, But, it doesn't work properly. Still get some of his/her/its posts.