Hi all
Nikec here,
I am also very much disappointed with the offer at hand and will be voting against it..
However i think we could make a compromise.
TGS could sell 50% of the entire venture for 125mil USD + 5mil debt replacement + 10mil royalties, (Call it 140mil USD)
The money could then be spent as follows:
20mil USD could go towards funding a 50:50 joint venture for a cobalt plant.
10mil USD could go towards funding the mining at kippoi
110mil USD would go towards reducing the debt from 210mil to 100mil USD.
We have 100mil debt, 50% of copper plant and 50% of cobalt plant.. To me that is a much much better outcome for all.
In a year or so we can even do a CR to reduce debt further.
Debt holders are happy as they receive most of their cash back, management keep their jobs and we still have a mine, in fact we just tapped into cobalt production as well. We should be pressuring management to push this offer instead of the one they gave us.
Regards.
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