ann out: adjournement of agm, page-21

kacey

I still have a problem with the figures quoted in AGM presso:

Debt:

Bank debt - 113mill (AUD?/USD?)

CB notes - 62 mill - put option Nov'13

---------
51 mill of bank debt is stated as being due within 12 months
(Jiangsu expected to be "operationally cash flow positive" in Q3 '13)

Use of funds stated: at max raise achieved (48 mill) pay down debt by 16.7 mill and increase cash at bank to 23 mill

Hate to guess what they use the funds for if only part of the goal is achieved.

As for the "balance" of assets:

Jiangsu "replacement value" >150 mill
SdV listed as a NPV of 380 mill (after how much money needs to be spent?)
MtCattlin and James Bay are listed as "balance sheet carrying value" >50 mill


Too much accountancy speak in all of that - if "push comes to shove" I for one would have no idea how much could be realised for any of the assets

As indicated Jiangsu is EXPECTED (haven't we heard that before?) to be "operationally" cash flow positive in Q3 2013 - so no income potential from Jiangsu til earliest 2014 ?We are giving "potential" revenue figures but have to guess at actual margins ( BG 6,800-7,200 UD - cost 4,900 to 5,300 USD x 17,000tpa/full capacity)

No accountant - but where is the rest of the 51 mill bank debt due "within 12 months" covered - and the rest.

What effect does the "put option" CB of 62 mill have (@ 8c )?

ECE was touted as "reconsidering the loan offered after Jiangsu returns to being operational - no reference to this in the AGM presso?


I am simply asking to be able to form a clear picture in my mind what will be achieved by the SPP (other than very ST survival) in light of what for me are unanswered question.


interesting to see that GXY quotes a TERP of 15.5 cents (as does Macquarie) but IRESS lists GXY @ 12.681

Happy for any answers to enlighten me !!