Member Info for rustybucket

Share Price: 9.58 Bid: 9.48 Ask: 9.58 Change: -0.22 (-2.24%) well, its broken now.

They had to pay the accrued interest that was due.

ANNOUNCEMENT OF APPROVAL OF WRITTEN RESOLUTION
PETROPAVLOVSK 2010 LIMITED
(incorporated with limited liability in Jersey with registered number 104830) (the "Issuer")
in respect of its outstanding US$100,000,000 9 per cent. Guaranteed Convertible Bonds due 2020 (the "Bonds") guaranteed by Petropavlovsk PLC (the "Guarantor") ISIN: XS1201840326 Common Code: 120184032

The Issuer hereby gives notice to holders of the outstanding Bonds (the "Bondholders") that the written resolution (the "Written Resolution") set out in the Notice of Written Resolution dated 19 June 2019 has been duly approved by persons shown in the records of Euroclear Bank SA/NV and/or Clearstream Banking S.A. as the holders of not less than 75 per cent. in aggregate outstanding principal amount of the Bonds and was signed by BT Globenet Nominees Limited, as registered holder of the Bonds, on 27 June 2019.

The Written Resolution has taken effect as an Extraordinary Resolution (as defined in the trust deed constituting the Bonds) of the Bondholders and the modifications to the terms and conditions of the Bonds set out in the Written Resolution have been implemented by way of a supplemental trust deed dated 27 June 2019 between the Issuer, the Guarantor and Link Corporate Trustees (UK) Limited (formerly Capita Trust Company Limited).

It is the current intention of the Issuer to exercise its option to redeem the outstanding Bonds under Condition 9(b) (Redemption at the Option of the Issuer) of the Bonds following settlement of the invitation to repurchase any and all of the outstanding Bonds (the "Repurchase") and the related issue of new U.S.$125,000,000 8.25 per cent. guaranteed convertible bonds due 2024, which is scheduled to occur on 3 July 2019. The Issuer currently intends to redeem such Bonds in accordance with their terms and to pay to each Bondholder the amount of U.S.$1,080 per U.S.$1,000 in outstanding principal amount of such Bonds, being equal to the price payable to Bondholders who validly tendered their Bonds for purchase pursuant to the Repurchase, plus accrued interest.

Illiquid Bonds, wonder what the rate is on them ?? lol Cheers Ken

sorry, my mistake Lawrence13, didnt see the k. Thought you meant shares. Thats what happens when you are working and just have a quick look at the board.

By the way, Ken, your link just brings an invitation to join FT.COM.

Thanks Kenj, I said at the time, I was not interested in Sapinda. Better the devil we know, even though I am not sure he always has our interests aligned with his own.

But for obvious reasons hope we can reach new heights in the future.

I think you will find its 250000 each, not 25000, still not a lot for directors.

They can only buy back shares if they are available to be purchased, perhaps there were not the volumes available to buy more when price was very very low.

This site is always 15 minutes behind, unless you are a premium member and pay , then you get here and now prices

retired banker, if you feel that I was resorting to ****ging you off, Then I apologise, because thats not what I meant to do, but, I did strongly disagree with some of your statements ( Not all of course ) and I agree that 8.25% may be a bit excessive, but, its below the last price and with a higher conversion option over a longer timescale. I am not sure of ALL the implications of these and dont know the finer points of whether or not we could repay these early, as have not seen the fine print.

But, in the situation we are in at the moment we dont have losts of spare cash, A lot of people allude to the fact we lent IRC money, but we didnt have the money to lend IRC we got money up front from Gazrobank for gold that was yet to be exported.

So paying Peter to pay Paul. We SHOULD, be getting into a position where our fiances are in better shape and the money is supposed to be used for another facility to treat the gold, so hopefully by spending extra money it will create more profit going forward. As long as it works. I didnt think the new borrowing was as bad a deal as other people, including yourself were alluding to and Pog is a UK listed company so comparisons with Venezuelan companies etc are , in my opinion not relevent.

HI, Stout, funnily enough, in my post below, the OTHER company I was referring to was POG. LOL.

I will start the ball rolling sxx Sirius. Growing rapidly and probably approaching FTSE 100 ( WHICH OTHER COMPANY WAS NEARLY THERE YEARS AGO ? )

Freddie, I wasnt using sirius as an example of share price. I was using it as an example of corporate bond issue. Sirius market capitalisation at the moment is far far greater than POG.

Retired Banker was insinuating that rates on corporate bonds are very low. They are not. Gilts are very low, but thats because they are government backed. Corporate bonds are different and depend on credit rating of the company. Pogs credit rating has improved, but not to the extent it can issue bonds at very low rates. Hopefully as its finances improve, our rating will improve, and hopefully one day we will be debt free.

Lawrence13 they are see as high risk as they are only just above shareholders in the pecking order in the event of a collapse.

The thing you should be looking at, is there a healthy appetite to buy them. They sold out the full allocation they wanted to sell.

I will start the ball rolling sxx Sirius. Growing rapidly and probably approaching FTSE 100 ( WHICH OTHER COMPANY WAS NEARLY THERE YEARS AGO ? )

Offering Circular dated 21 May 2019 relating to the issue of U.S.$506,600,000 5 per cent. Guaranteed Convertible Bonds due 2027

By the way banker the coupon isnt 8.5, Its 8.25% Convertible Bond Offering

The Bonds will have a principal amount of U.S.$200,000. The Bonds will be issued at par and will carry a coupon of 8.25% per annum payable quarterly in arrear in equal instalments. Unless previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed at par on the stated maturity date, which is expected to be on 3 July 2024.

Retired Banker you are not stupid, you worked in banking, and you know fine well that the coupons on corporate bonds are a lot higher than government stock etc etc as it is higher risk.

You also know that we need to fine 100m to repay the bonds, which at the moment we havent got. The figures are lower than the existing bonds which is a slight plus the moving of the goalposts nearly 5 years down the raod aligning it with IRC is also a good move, as is the increase in the conversion price.

Dont try and convince people its all bad. it isnt as an example give me a recent bond issue and what their coupon is ???

I await your reply with baited breath.

KVZR, i THINK IN AN IDEAL WORLD WE WOULD ALL DO THAT, HEADS WE WIN, TAILS WE DONT LOSE, But, these are only avaialable to institutional investorsi

KVZR In my opinion you are missing the point. ( I could be wrong ) The Bonds will, subject to certain conditions, be convertible into fully paid ordinary shares of the Company (the "Shares") with an initial exchange price of U.S.$0.1350, set at a premium of 22.5% above the volume weighted average price of a Share on the London Stock Exchange from launch to the close of trading on 19 June 2019, converted to U.S.$ at the prevailing U.S.$:GBP spot rate of 1:0.7916. The exchange price of the Bonds will be subject to customary adjustment provisions as will be set out in the terms and conditions of the Bonds. Under the terms and conditions of the Bonds, the Company will have the right to elect to satisfy any conversion rights with Shares, cash or a combination thereof.

22.5% above prevailing price, with the repayment delayed for 5 years when hopefully, POG is a totally different anaimal. They also need to factor in there are other bonds to be repaid later as well. So extra profit now, to help with that , in my humble opinion is all good.

KRSS, you say, "main reason placing bonds again seems buying concentrate to feed 3 and 4 autoclaves " so surely that is to make a profit which will increase short term reserves, so surely that is another good reason to extend bonds at better terms than they are on now ?? I think its positive, What do you think ??