HAC , I have thought along the same lines as you about why not make an announcement refuting speculation and it is easy to come to your conclusion that they can not refute something that is true and this may well be the case. With everything the BOD has done and been through at least they have been consistent with their no comment , even including it in the last paragraph of the 28th Dec announcement.
I am also not sure of this ongoing exploration between the company and it's lenders. I would have thought even a discussion of the hint of a D4E and the consequential dilution effect on existing SH's would have to trigger a disclosure and suspension from trade until all SH's can trade informed. Yep any buyers at the moment would be rightfully filthy if a D4E was on the table in the foreseeable future. I think , and I admit I have no fact to base this on, is that the semi-annual amortisation clause from June 2017 is proving to be an obstacle. Also in 28th Dec announcement the BOD stated the maturity date of May 18 is unchanged and there are a number of financial covenants and operation milestones that apply through the term of the facilities. If as you said H1 2017 is not as positive as the BOD predicted , and the figures would have been almost complete , this operational milestone failure maybe the trigger needed to make further amendments. The lenders obviously agreed to make further amendments so imo the targets were not far off which also merges with the "on budget " comment at AGM.
SGH Price at posting:
22.5¢ Sentiment: Hold Disclosure: Held
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