Yep... just when I thought it was safe (r) to enter the water.
Thinking though that the $5M raised in equity effectively goes straight to MOB (thereby removing 2 birds with one stone as in the requirement to raise $5M in equity and paying off 50% of the required $10M to be repaid of the Credit Facility).
Which sorta beggars the question ... MOB really only wants to lend SSN a BB of $20M. If they are buying into the value of FB, then NS/R must have another large impairment as MOB appears (at 80% of LTV) to be allowing $12.8M for FB (based on $16M value) and therefore $7.2M for NS/R (based on est value of $9M for NS/R versus book value of $17M)
SSN really cant afford another large impairment as it will effect Shareholder Equity which is causing delisting pains.
Going to have to do further deep digging.
SSN Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
