Hi Dancing
Do not agree that this is positive. I argued a couple of years that that the re-scheduling then was a sign of trouble and was derided here.
I'll make the same point again. The re-scheduling is an admission by the Directors that they cannot meet the debt repayment when they fall due. It would be a positive if they were re-scheduled with the same maturity dates at a lower interest rate.
The re-scheduling they are doing is pushing the maturity dates out. I agree that it gives them breathing space, but the over all interest FMG will pay over all is greater than if they were able to meet the repayments of the current schedule.
To me, it is a clear sign that the Directors do not believe that iron ore price will recover in the foreseeable future.
They should have done a capital raising when FMG was above $5. But, as our esteemed chairman has 1/3 of the company, I can understand why it did not take place.
Pear
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