So, why didn't they say that at the time? Looking back at the announcement, they concentrated on (*) the $32M in interest capitalisation, (*) the new super debt facility, and (*) the share buyback regarding employees.
The capitalisation and super debt shared a long paragraph whilst the buyback had it's own paragraph. Very hard therefore to see where they said or inferred that the 26th had fallen away. About the only words concerned - "updating the market in relation to further discussions .... regarding its financing facilities and stabilising its capital structure". Beyond this nothing, until the final paragraph where they said: "The Company expects that discussions with the New Senior Lenders will be concluded in the next few weeks, at which time a further announcement to the market will be made".
On 5 May, they then updated about the New Super Debt including that a 3 year term had been signed. So, it's still hard to see how they actually explained this to the market. Regardless, it still begs the question whether ~$450M in the SFA facilities shifted in status on 27/5 from non-current to current?
If the dates had fallen away (such as having to gets things done by the 26th) or that the bulk of the SFA facilities had not shifted in status from non-current to current (ie: that the 2018 due dates had been amended by then shifting them out further), then making such statements to the ASX would likely have been seen as a +ve for the Company and /ot the stock. Not doing so, however, simply begs the question - why not?
As for the filing of the defence and any cross claims, nothing yet has shown up in the portal which could mean anything. Regardless, a case management conference is scheduled for 2/6 before Middleton J, so presumably now nothing is likely going to be updated before then. The CMC was set back on 12/4 when the original April required filing dates were amended to 26/5 (etc).
SGH Price at posting:
9.5¢ Sentiment: Sell Disclosure: Not Held
