Member Info for tomcat-14

i’d like to think that unless there’s a defined formula in the jrp... that determines how the repayment figures are arrived... including the variables that influence ebitda... then it’s fixed repayments... it could go the other way too you know...

as will the $30m we invest for pba to lend to dev... lol... ‘pba will have $79m debt on its books’... owed to them from/by dev... not owed to us from/by pba... (lol... it definitely read differently/that way this morning)... i’ll blame bannor...

you’re missing something big bannor... which bit don’t you understand... the assignment of the debt from indo to pba... or the result of same that mean dev owe the money they used to owe to indo... to pba... the jv co...

i.e. gerald bought their ore... funding the reconstruction of the port... with money they borrowed from the bank syndicate... using the ore they purchased as collateral for their loan... (just googled lbo)... is that what’s happened...

is it possible that the syndicate of banks hold their liens through gerald...

me too ob... looks very suspicious doesn’t it...

1.718mt x $100/t = $171.8m + $49.14m = $220m for 51%... pba valued at $430m... booooooooom...

there’s a possible answer... the value of the 1.718mt iron ore released from the guarantee/transfer of the debt to pba... not the debt value itself... which works out at $28.6/t...

the $49.14m indo debt transfer happens at dipb... when the full $27.5m dipb finance is triggered... indo’s $49.14m and release of 1.718mt iron ore from the stockpiles for their 51%... plus the $24m cash for 22%... to whoever puts up that cash investment at the time...

i) is done already... and cash is in the escrow account awaiting dipa conditions to be triggered... that then derisks the project considerably... paving the way for us to consider raising our $3.5m contribution towards dipb... of which we’ve already loaned to dev a £0.525m bridging loan plus 1.5% interest per month... for the project startup mobilisation costs... that was noted recently we won’t be taking repayments for that... but instead we’re now using it against the $3.5m/$24m dipb financing... for a further 7%/22% pba...

ii) was required upfront before dipb... to do the recommissioning study...

they each need to occur at different times along the valuation curve of pba...
although ii) + iii) are both required for the time the jrp dipb financing is triggered...
(ob... your post reads as though our investment into pba is a loan... not an investment into pba via the purchase of newly allotted shares)...

ob... the book value of pba... as each investment into pba is made... is as posted previously...
i) $2.5m cash investment by kdnc for 20% pba... pba valued at $12.5m (100%)...
ii) $3.5m cash investment by kdnc for 7% pba... pba valued at $50m (100%)...
iii) $24m cash investment by indo/kdnc/a.n.other for 23% pba... $105m...

bannor... i agree with you insofar as the jrp is concerned... both dipa and dipb financing... $30m... are to be provided by the investor (pba)... to the debtor (dev)... as loans... with an 18% interest rate... dev pay the loan back to pba with interest... as per the agreed dipa and dipb loan repayment schedules...

the math doesn’t seem right for this one... $28.6/t... but it stakes an ownership claim over more than the 1.39mt stockpiles at the port... again... in support of the jrp... they too are no longer fighting with the other secured creditors over who’s secured credit gets paid out first... and who owns the ore in the stockpiles at the port...

next on the (my) list of secured creditors... indo sino... similar understanding to yours ob... $49.14m owed with a guarantee against 1.718mt ore (under appeal)... which on trigger of the dipb financing... they are waiving their guarantee to reclassify their guaranteed credit as unsecured... and transferring that $49.14m debt amount into the jv company... for 51% ownership of pba...

but i suppose having settled with gerald... in support of the jrp... they are no longer fighting with the other secured creditors over who’s secured credit gets paid out first... and who owns the ore in the stockpiles at the port...

maybe just a similar coincidence as the two $135m creditors we appear to have is... but that’s a bit more or less than the reported 1.39mt stockpiled at the port... depending on the ore price at the time and shipping costs we agree to charge them...

so gerald’s iron ore... is now currently stored at... or in... the mine... all $135m of it... already owned and accredited to gerald... as part of this settlement agreement with them... which at today’s prices ~$100/t... it’s about 1.35mt ore...

gerald then... we canceled the judicial recovery plan approved on 04April 2017... and have agreed to transport gerald’s iron ore from the mine to the port for a fair price... based on good faith negotiations... once the infrastructure is in place and we are requested by gerald to start shipping it... as part of the new jrp... and we won’t charge gerald for past or future costs for rent of the space where the iron ore is or has been stored... until it’s complete removal... immediately after the jrp is approved we must negotiate the details of the above... and until all gerald’s ore is shipped... it will remain on the list of creditors... and if we try to sell gerald’s ore... we are in default of this agreement...