Member Info for tomcat-14

*properly...
dilution occurs at dipb(2)...

check them probably ob... i did cringe after pressing the post message button... but they looked nailed on to me too... which way do you think suits them best?... financially...

lol... don’t worry about that ob... i had to do it backwards... working in from both ends... to solve the riddle in the middle... ;)

as i said... they would need to pay the $24m agreed in the jrp to retain that 22%... when i said up for grabs... it’s their option to choose... with us having 1st dabs if they do seek further investors/investment in pba...

providing all the conditions are met... that are there specifically to ensure that... yes... and all liens are removed at dipa (secured banks) & dipb (indo’s pledge guarantee)... which is why that condition is repeated at both stages on page 9...

or they can do it at dipa... $49.14m less about 80% discount/costs... 1m shares at $10/share...

sorry bannor... i was just showing how indo are getting 51% of pba... for a payment of $49.14m in debt... owed to them by dev... leaving the other 22% up for grabs for $24m... which they can either invest themselves as cash or seek further investors/investment in pba...

$49.14 less about 17.5% discount/costs...

which at dipb(2) buys them their 1m shares at $40.61 each...

i was thinking cln’s... but they’ve already done the 20% for $2.5m... so that’s fixed at that already... the $3.5m for 7% could get done as a cln though... once the value of pba hits $50m as defined in the jrp... allowing everything to then be settled at the dipb(2) stage... when indo either do or don’t seek further investors/investment in pba... and we do or don’t take our option to 49%...

replacing indo’s existing $49.14m loan... with the new $30m investor loan raised from the equity above/below... but then again... what if...

although i would still prefer it if they did do it the other way... all equity raised from pba’s registered share capital... (assumes 1m registered shares again)...
dipa... 200,000 shares 20% at $12.50... 100% $12.5m...
dipb(1)... 70,000 shares 7% at $50.00... 100% $50m...
dipb(2)... 220,000 shares 22% at $110.00... 100% $110m...

raising the same $2.5m + $3.5m + $24m... $30m total... as per the jrp...

especially if you throw indo’s $49.14m debt in with that again... $160m...

(assume pba has 1m registered shares)... i’m back to thinking... all equity raised from allotment of new shares from outside pba’s registered share capital...
dipa... 250,000 new shares allotted for 20% at $10.00... 100% $12.5m...
dipb(1)... 119,863 new shares allotted for 7% at $29.20... 100% $40.00m...
dipb(2)... 590,921 new shares allotted for 22% at $40.61... 100% $79.6m...

raising $2.5m + $3.5m + $24m... $30m total... as per the jrp...

throw in with that indo’s $49.14m debt... and you get $79.14m capital value... matching the dipb(2) investment valuation... the discrepancy i’m putting down to the incorporation of pba with 1m $0.50 shares...

nope... i disagree... it’s indo assigning the debt over to pba... as part of the jv agreement... pba become the creditor... as far as dev is concerned... dev owe pba $49.14m... pba don’t owe indo $49.14m... i’ll explain later... :)

it’s indo assigning the debt over to pba... and not dev assigning the credit over to pba... so in that instance... it relates to the jv agreement... not the jrp...
that might explain why there’s two stages of liens to be removed on page 9 corporate presentation...

i’m sure the inland revenue will do...
the whole jrp is based on valuations at various points in the project development as it’s derisked... those committed numbers are what will go into the books... as those transactions are carried out...
i see what you’re getting at now with the assignment of debt to pba though... /: debt/credit... /: credit/debt... /:

i’d have to agree bannor... 1.1.30... indo sino credit... is the credit held by indo bell against the debtor... in the amount of $49.14m... currently indicated in the list of creditors in the class of unsecured claims...
it fits in at the beginning ob... that credit is being assigned at dip a... when the valuation of the company is $2.5m / 20%... $12.5m... including all assigned credit at that point...
and $24m for up to 22%... at dip b(2)... still keeps coming out at ~$110m on my calculator...

sorry ob... i thought you’d worked it out both ways...

did you find your missing $30m ob... ;)

the court ruled that dev is permitted to export sufficient iron ore to realise a $10 million profit from the amapá stockpiles at the port (after the deductions of all logistical/regulatory/shipping and sale costs)... the first of the net revenues from the sale of the stocks shall be used to pay historic small and employee creditors (~$2.5m)... thereafter funds will be used to begin recommissioning studies on the asset including plant... railway and port and to start maintenance and monitoring of the current tailing dam facilities (~$6m) and provide ongoing working capital and historic finance obligations...
those monies are what our $2.5m + $3.5m were earmarked for... which pushes the risk further out than we were originally expecting... using the capital from the stockpiles... rather than indo/kdnc capital investments committed by the jrp... that can now be used later... after dev demonstrate the successful operations to extract $10m net profit from the stockpiles...

much in the same way that... if/when we take the additional 7% for $3.5m... it’s valuing the project at that stage at...
$3.5m for 7%... 100% $50m...

if/when they do come to raise the additional $24m for the max 22%... sometime in the future... reducing indo’s holdings to 51%... doesn’t that value the project at...
$24m for up to 22%... 100% ~$110m...