SGH - Research, page-22

Where has it been said that Anchorage own /control "about 50%"? I've seen reference to "funds managed by Anchorage hold a majority share of the secured debt (ASX 29/6)" but nothing more definitive than this.

That said, Anchorage is clearly in control of the Supporting Lenders group (>75% of secured debt by value; >50% by number). What is less clear however is the position with the New Lending Group. It doesn't necessarily follow that Anchorage has provided >50% of the funding originating under the new lending group framework (ie: where the $40M in new working capital, etc came from). Anchorage however would have participated in the capitalisation of the Jun17 interest (circa, $35M in its own right).

With no debt having been repaid (including likely that the $20M which in Feb17 was stated to be falling due at beginning Aug17 will not now be paid given the recap works being in progress), the current debt position seems to be:
* Dec31/16 - $739M (combining ST, LT and derivative financial instruments of $1.9M)
* Mar31/17 - $40M new Super Debt Facility
* Mar31/17 - $32M capitalisation of interest (effective, Jun28/17)
* Jun29/17 - $5M new Super Debt Facility (part of the Hall outcome)
* June 30/17 - $816M before any FX adjustment.

Likely, however, any FX adjustment would have been marginal, with AUD only partially moving during this time. For example, at Dec31/16, AUD to GBP was 1.7118 (close, spot inter-bank market) but at Jun30/17, it was 1.6941 (close, SPIBAM).

At best therefore, Jun17 closing debt will likely be $809M (base don the 1.6941 rate applied to the GBP o/s's. So, up, not down over the course of the year).

Net cash however could be anything.

It was $57M at Dec31/16 and $82M at Jun16. If the Jun to Dec swing were to repeat between Jan - Jun, then net cash could be down to $32M at Jun30, but otherwise somewhere in the range --> $32M - $57M. Doubtful that it would be any higher than $57M for obvious reasons including the 31/3 WK facility, the 28/6 interest capitalistaion and the 29/6 top up.

So, whilst net debt (gross - net held cash) at Dec31/16 was $682M, likely, this has blown out to somewhere between $752M -> $777M @Jun30/17.

A significant portion (but not all) of this is accounted to Anchorage. 100% of this however is accounted to the Secured Lenders (by acquisition) and the New Lenders by reason of recently stated fresh borrowings. So, the Syndicate, working as a whole, could well get to 100% but not Anchorage working by itself.