FYI the September financial report shows loans and borrowings at $609M, and unearned income $200M (prepayment - in other words they have to supply $200M of uranium to cover this prepayment).
The sale would bring the debt down to $419M. They still have to $200M prepayment to pay back with uranium sales.
They have cash of $125M, receivables of $47.5M and current liabilities of $125M, which mostly balance out.
There is also entries for inventories $158M (current) and $149M (non-current). It is a sure bet that these are not valued at market prices.
So the actual position is somewhat unclear. So the net debt position is probably somewhere between $300M (419+200-158-149) and $400M (assuming a more pessimistic valuation for inventories). I accept that treatment of the prepayment as debt is arguable, but the bottom line is that it will have be paid back (in inventory).
PDN Price at posting:
58.0¢ Sentiment: None Disclosure: Held
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