The below from 25/2 . "A 2ND Ranking charge over the shares in...

The below from 25/2 .
"A 2ND Ranking charge over the shares in Navigator Mining Pty Ltd. Furthermore, the
Security offered will be subject to approval by Waterton and the Shareholders of Kin at a
General Meeting to be convened as soon as practicable once the formal documentation has been executed"

Hi Alpaka , If u were a banker would u like to share your security over nav's assets in the event of Kin going into default ?

Another view could be If Waterton were so sure of Kin getting other or any assets into production why not offer more money in the first place as based on a price of 2.5-3 mill for Nav they have only offered up 1.37 m as a loan and got a bond of 270k ish plus 1 million shares and Fritz got security over other assets . There is the 1st clue as it could be said Waterton didn't want to share their security .

So do they want to share security with another shareholder now when they didn't in the past ? I hope they approve it but I wouldn't . Look at their history !

Be nice to see what other terms exist on the loan to Waterton but I bet yah the company won't release that to the market . ie; what is the interest rate incase of default ? and any other penalties .

Just for the record I have been a shareholder or employee of more than half a dozen companies who have gone belly up ;fea,gtp,TL, HD-,bcc,kcg , GAda and some delisted or taken over and I never get it completely right . One can never know all the details unless your on the inside !

It is not my intention to muddy the waters [your comment] but to try and look at investment opportunities while minimising my risk . There has been no point buying the company in the past as there was no or minimal buy depth and now they have their backs to the wall like many small companies with no cash flow , increasing debt , larger leasing costs , further dilution and no cash to develop things . Management spelt out the risk very well . Yet shareholders seem to only focus on the fluffy next announcement or if everything goes perfect etc etc .

As I said in my last post here is hoping management can pull a rabbit out of the hat .

cheers g