RE: Financing27 Jun 2023 07:58
Was just re-reading the conditions of the proposed debt financing and came to a similar conclusion, Stokey.
Maybe they just haven't had enough export contracts from their "potential order book" signed off, yet, to qualify. From the batch of contracts annouced in Feb, only the additional fabrication work for the mining project could be classed as export. imo
"Given the export orientation of the Company's potential order book over the next 2-5 years, the Company and Astra are also formally engaged with UK Export Finance (UKEF) as part of the Company's export growth strategy across its five key markets. Whilst discussions with UKEF have already commenced, there can be no guarantee of UKEF's formal participation at this stage and such participation will be subject to UKEF's own due diligence processes and formal credit committee approval. The Company is currently working with UKEF to fulfil its due diligence obligations.
On the basis of these discussions, the proposed debt financing is now expected to close in ... ... in due course.
Financial close is contingent upon completion of due diligence and credit committee approvals of Astra and UKEF respectively. "
So the delay in the IM JR may be a good thing as it would give them time to firm up some of these potential orders, at their much touted strike rate, and afaic, the Astra deal as always been dependant on the JR decision.
Have a good day. :)