As from today the Hawkswood debt is now due to be paid by Oct 20th.
ADY would have some funds in the bank but by the due date should receive additional cash from iron ore shipments. Therefore one can assume that the company will have sufficient funds when the debt is due.I think that is what the company means when it says that the debt will be paid when it falls due.
The only issue at stake as i see it is to gain agreement from the Receiver to delay payment until all iron ore receipts are in the bank.Also maybe a further extension.
Do you honestly believe that the Directors would let the company go under? They have assets and a mountain of ore. Directors of Santa Barbara ( now Vallenar Iron) have just released a press statement in Chile talking up the company.Would they do that if it was going under? Think about it!
It is a short term problem which will eventually disappear.
ADY Price at posting:
5.0¢ Sentiment: Hold Disclosure: Held
