Agree. As I understood from the May announcement, $23.7m in cash held (inclusive of debt service reserve of $5.5m) plus a further $13.6m which they were supposed to have collected by the end of May from hedge close out proceeds (that's total cash $37.3m). $30m net proceeds are repayable to bank before September but DML reported a remaining hedge book with copper hedging alone (June to Dec) having a market value of approximately $13m. Cutting it fine, but in my opinion with all this to unfold, banks would be unlikely to go legal on debt now.
DML Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
