Tomboys Creditors Meeting Report, page-293

page 50 from 2014 financial, borrowings declare at 95.822m.

Also refer to announcement made in relations to the timing of drawdown.

Page 51, Proceeds from borrowing at 100m

The gross loss for 2014 was at 30.7m, that is NP less COP alone not including any other expense. while 2014 made a profit of 382.945m, that is because of the 502m debt forgivness.

the next loss big for 2014. COP of almost 9 and NI price of 6.91.

So in term of the turn around story, 2015 was a good start. we almost break even by end of June.

As we started 2015 with 17.560m.

It was Ni price who hurted us the most.

http://mirabela.com.au/framework/documents/displaydocument.asp?doc=1413

During the quarter the Company received US$35 million of the US$45 million loan from a consortium of holders of the Company’s US$395 million 8.75% Senior Unsecured Notes due 15 April 2018 (Interim Loan). An utilisation notice for the remaining US$10 million was submitted on 23 April 2014.

http://mirabela.com.au/framework/documents/displaydocument.asp?doc=1474
Then the 55m received:

Cash and Debt Mirabela closed the second quarter with cash on hand and on deposit of US$62.42 million. The increase in cash on hand from 31 March 2014 (US$42.96 million) was driven by a combination of factors including: proceeds from the issue of Senior Convertible Secured Notes of US$55.00 million and the final US$10.00 million of the $45.00 million Syndicated Note Subscription Deed (SNSD) provided by the Ad-hoc Group of Senior Unsecured Noteholders (both forming part of the company’s recent restructure process); offset in part by negative cash flow from operations and capital expenditure of US$11.56 million (mostly attributable to the tailings dam work and equipment rebuilds).

In terms of the va, lets look at a more desperate state ( imagine desperate state the price of ni stay at this level for another 3 months) and the va was not called, the cash would run out the FH would have nothing to salvage but to shut the mine down as soon as they walk in.

Where as if the CEO call in the va early enough, ie when there is still money in the bank to still allow time for breathing space and find a solution, we may well be on the path of recovery.

Also may be the CEO and NH is at locked head and there is absolutely no resolution to the problem, where is there is a third party VA, it may be able to move the NH to give an inch.

Why I do think that way. the gave away the right of 440m and in exchange for shares that is worth about 20m at the time.

I bank on the VA will talk some sense into the NH and let this new loan of 30m to go ahead either as loan or share issue, prefer to share issue to go through and we can continue as ongoing operations and waive the right to call in the existing debts.

If they wait may be even just 6 months, once the Ni is recovered to even 6 mark which is a reasonable expectation, we are then in a sweet spot, Ni at 7, happy days and Ni 8, $$$$$$$$ here we come.


@user23, hope you have gain some insight after speaking with the VA.

@ccdavid
my understanding is that the price for the share issue is at 16.8usd and there is no impact of converting now or in 2 years time as the number of shares issued will be the same at 16.8USD per share. the only impact is the usd.


Ni price, oi oi oi.