Member Info for UpDownFlat

Lawrence,

you might be correct here, because the Bondholders will be senior debt, having first call on IRC. This might be what’s holding up the sale. They need agreement from the bondholders. Why would they give up an asset they have as security for nothing ?
Maybe this is all so that they can move forward with the IRC sale.

Copper3,

they are attempting to buyback $200m bonds early, by offering and unpaid interest to date, plus 5.5%.

From the holder’s perspective:
Holders could retain these and earn 8.125% until Nov 2022 , but then they need to consider opportunity cost as the cash could be invested elsewhere(Banks are a good investment at the moment> 8.125% return p.a. ) and the risk that POG can’t refinance in 15 months.

From POG’s perspective
we presume they have another Gazprom bank line of credit cheaper then or equaly to 8.125% p.a limited to $200m. This could probably be repaid at will over the next few years which might be their objective.

They also don’t have to try and get $500m bond refinancing meaning it would be easier to just ask for $300m in Nov 2022.

They will still have $500m debt just structured differently, with maybe a small saving and the flexibility to pay off some of it.

can’t agree more L3Trader, they must believe we are children. There are many reasons POG could use to not complete, but they are choosing to do this.

The lie is that it is legally binding, they know that it is not.

The company is basically telling the investors a direct lie

If this where not true they would have to account for the sale over a year ago when the letters of intent where signed.

Rband,

normally completion takes place when consideration is paid. Many transactions have datarooms full of signed agreements but fall over at 1 minute to midnight because they are not legally completed until consideration is paid and accepted and the assets transferred. I don’t believe there is a “mythical legally binding” agreement that breaks this principal, but I am sure that to progress this, has been a decision by the current board.

Toothless

Since POG have a long history of lying to investors, I tend to believe Bloomberg’s version of events.

There really is no such thing as binding until the final sale and purchase agreement is signed and completion takes place. Even then many companies pull out of transactions. POG are speaking nonsense.

KRSS yes they will receive a share of profits at interim but that is a purely paper excercise, no cash, it might as well be clubcard points.

Retired banker,

I get the same number 150koz of 3d party and 450oz of own at $1800 equals 40p

Seems shareholders aren't quite as dumb as they first appear

James Cameron can’t preach "shareholders first", and then sh**t on them buy giving away valuable assets of the company for nothing.

Where is the guy who jumped over the barricades to rescue the data for the company?

But for me really management need to manage, which they are obviously not doing. More mouth than action.

Was that when alyanya sold her shares with insider information ?

Same as last year, do you remember being kicked out for most of it ?

A staged AGM is not exactly transparent is it ?

The whole AGM process doesnt feel right