I'm drawing a longer bow based on that the second fund was not disclosed at the time of printing leaving the option of more than just the two entities being party.
One scenario is this,
AVB has the first meeting with the second fund who can partake for a large amount but a lot less than $23 million. AVB then goes to Appian asking for $23 million. Appian says we can lend you anywhere between $10 million to $50 million so if you have trouble with the others come back to us. Either way you can have $23 million but we want at least $10 million worth.
So now AVB confirms with Glencore, BlackRock and the second fund as to how much they want and then goes back to Appian asking for the difference knowing that they now have a further reserve of up to $50 million minus what they give this time from Appian if called upon in the future.
Probably the above is far fetched but I'll be surprised if Glencore and BlackRock don't maintain their holding.
AVB Price at posting:
7.4¢ Sentiment: Buy Disclosure: Held
