Member Info for tomcat-14

he didn’t define who’s project level equity was being used to raise that amount... or if it was from a new allotment of shares... or from the existing share capital registered... (just looking at it from a slightly different angle... inspired by one of our other investments)...

6. we get 1st dabs on 5...

5. we don’t need to maintain our 27% holdings... as no new pba shares are issued... it’s possible that indo must sell 22% of their 73% pba shares to raise the dip b loan... so they hold 51% max at the end of all three dips...

4. between indo and kdnc... we already own 99.9% pba... at dip a... 80%:20%...

3. indo put up the $24m loan in cash... no pba shares allotted... if indo choose to sell some of their 73% pba shares to raise some of the $24m cash to loan to dev... we get 1st dabs...

2. indo raise $3.5m... from a sale of 7% of their 80% pba shares to us... no new pba shares allotted...

there’s no hook... if the jrp fails... dev goes bankrupt...

1. is a payment from kdnc to indo... for 7% of their 80% pba... imo...

*indo...

the $27.5m loan... that will be transferred to dev... as the project progresses to that advanced stage... with those other preconditions also having been met by then... or being waived by pba... (18% interest... same rate as the dip a finance)...

all 3 dips are part of the jrp... 99.93% of dev shares are transferred to pba at dip a... at that point... pba is owned 80% indo : 20% kdnc...

cheers daz... looks like joao’s back on furlough again tomorrow... :)

is the $85m the secured debt then... (excluding indo’s)... redacted names being those of the other banks...

if 51%=$85m... 49%=$81.67m...

i’ll need to read it... but the $49.14 + $27.5 + $3.5 + $2.5... gets pretty close to the $85 you noted earlier... all ($m)... could be that it sets out the option for the jv to increase up to 49%... for which we have 1st refusal for?...

yes... scrub that... re-reading the rns... they must have... and are also awaiting the removal of the secured bank creditors liens... over dev and its assets...
just i was thinking along the lines that the stockpiles had already been seized by the administrators... them having released $10m net profit of the stockpiles to be shipped asap by... dev/pba/indo... but it’s dev... that will be operating under the protection of the jrp...

did you read it in the jrp that indo have the same pre-conditions we have... and the same option to waver theirs too...

i have... ;)
he’s done the 1st page and called it in for the night... :)
you talking indo sino there or us... the secured loans are held against the asset... not dev... page 8 of our presentation says transfer on approval of the jrp...

it’s not quite the same level of risk as it was before though... if the court has now released $10m net profit from the stockpiles... what triggers the transfer of dev shares into pba again... has that been triggered already...

that’s much much further than what i was alluding to bannor... that seems to say that if we wanted to... we could take up our 20% tomorrow... with whatever risk might still be attached to any of the outstanding pre-condition we may have...