26/5 was advised in the H17 report as a very definite deadline, especially as the next day (27/5), >$450M of the SFA debt shifted from non-current to current.
Since then, the debts have been sold (17/3) but neither the existing SFA facility or the amounts owing under it have been changed /swapped out (17/3 + 31/3). The amounts owing therefore are still there, including at the full face value, a very significant proportion of which is now current (last week, non-current).
They have advised about capitalising interest (31/3) which reinforces that the existing facilities remain in place. So, unless the facility amendments referred to on 31/3 included (*) changing the terms under which the facilities could be called up absent a recapitalising being agreed to (refer, H17 report), and (*) addressing the $20M tranche payment due at beginning August (refer also H17 report), then all that's changed is that they are dealing with the assignees of the SFA facility /debt amounts. Nothing else has changed. if it had, then surely this would have warranted an announcement (ie: due to the material nature /certainty of the matters involved).
The deadlines stated were therefore those of the Company itself (refer H17 report). Again, nothing's changed. Perhaps it will, but not yet on the basis of anything that they have updated the market about.
SGH Price at posting:
9.3¢ Sentiment: Sell Disclosure: Not Held
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