Member Info for SB_1964

Que?

A smart deal might be to give Artar some TKGM stock in return for some of our GM back…

Simms..

Financial close (signing) will give the equity investors all the surety they need re senior debt performance thereafter. It is binding from that point in time.

Excellent find Bear, thank you.

They’re bailing.. this is one for investors.

assume the handle is ****ney rhyming slang…

Thank you Rob

That’s actually a really good presentation (surprisingly), as it sets the scene progressively across both jurisdictions in a timeline manner .. just what’s required now IMHO.

For those wanting to know when they can get the Champagne out, and again IMHO it’s when we get past “Execution of Definitive Documentation” (held in Jun - Sep ‘24)

That said.. you don’t press go now on something of this size and nature, unless you know it’s a Done Deal. The go ahead has been given by all parties to debt & equity - IMHO.

I’m happy to sit and watch.

GLA

Mr Plump.. you are a numpty mate.. clueless wombat material

Agee with the FO re TW.. if you stare at a broken clock long enough it will eventually tell you the right time… however, it’s mostly wrong and its timing aspirations are generally way off ..

CS’s 🙄

Plumper

That’s Conditions Subsequent mate.. (CP’s) and the money has already gone unconditional

Yes Fantasy..

Some conditionality pre-close (precedent) will be across all syndicate members and might get sorted on the day of close

“Sight of and satisfaction with” stuff…

The deal closes ‘co-terminus’ when all lawyers (representing all parties) agree.. and quite often that can be on/at completion

Then it’s a knees up 🍷

Add in a proper senior team, and we’re set.

Very well said Simms, agreed.

Yes.

Conditional approvals are approvals subject to conditions.

Those conditions are pre-close, so they are conditions precedent (not subsequent).

So, we await approvals which will still be subject to conditions precedent, which is precisely where Walter Mitty said we were at, many months ago.

I’m sure that progress is being made, but as long as I live Inwill not trust a single word HAA utters. Period.

That’s a reassuring find Sharezy.. my thanks too

It’s a no from me.

My experience is Americas, Europe, South Africa (only), EMEA, Far East and (currently) Australasia.

Never financed a sausage in Ethiopia.

Crazy T

Thanks.

I have lead bank sign off at 10 Jan, from memory..

So:

1. where does your “6weeks in” start from please?

2. From your experience, when do you think the DD work for a 10 Jan credit approval would have been carried out, and how long would you rely upon that for a current credit decision?

Crazy T

The lead bank signed off in 1H Jan 24.

DD was prior to that, and sensibly cannot now be relied upon (as outdated).

It’s way longer than a few months, and deals of this size don’t typically take anything like THAT long to progress from DD & VAL to credit approval.

It is atypical.

Fantasy..

I made the point about DD being concurrent a while back, and also detailed that some information is shared across the syndicate, as it is provided (under separate cover) by senior firms who are engaged ‘once only’ to carry out project, asset and financial due diligence (FDD) for all prospective lenders.

Further, if it’s not done co-terminus then lenders are benchmarking information relating to different periods of time, which is inconsistent.

I took a load of flack from the “I worked for the Midland in Chichester for 25 years” posse at the time, but this IS how it’s done.

As to the second lender - I can only assume that their dominoes are super-glued to the table… the timing difference (with a reliance on the same work) is completely baffling to me.