assistance regarding current basket price, page-35

From the LYC Dec half year accounts.

'JPM have net interest at USD 9M this year & next, rising to USD 11M 2015.'
The JPM numbers appear to be a tad low.

As can be seen from the half year accounts interest and charges came in at $9m. It would be reasonable to pencil in $18m for the whole year. These are US$ costs, so the accounts would show a slightly higher number.

From the full year account - Directors report - where it was stated that the Sojitz loan is currently at LIBOR +5.25%. This higher rate applies until 9 months after the completion of Phase 1. So the higher rate may fall off in early 2014.

'Given the delay in the receipt of the TOL, as at September 30, 2012, the Group anticipates it would not have met certain requirements in the Sojitz loan facility, which related to the year ended June 30, 2012. Therefore, on September 25, 2012 the Group entered into an Amendment Deed (the “Deed”) with respect to the Sojitz loan facility. Under the terms of the Deed and as a result of the delays in first production at the LAMP, the parties have agreed to postpone the measurement of certain financial covenant tests until nine months after Completion of Phase 1 (as defined under the Sojitz loan facility). As a result of entering into the Deed, the Group has agreed that certain restrictions will apply until nine months after Completion of Phase 1. Those temporary restrictions relate to capital and dividend
returns to shareholders, limitations on the incurrence of new indebtedness (capped at US$80,000 thousand) and a temporary higher interest rate of LIBOR as published quarterly plus a margin of 5.25%. '