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News: FAR FAR Says Debt Financing Not Proceeding As Expected, page-184

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walk-it-off

679 Posts.

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20/05/20

09:25

Post #: 44717334
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Originally posted by cujo: ↑

What you need to do is take off these blinkers then you might understand the reality.
The J/V were committed to go forward with the project regardless of any problems that arose.
Did you expect everything to grind to a halt because of arbitration, arbitration that all of the J/V thought was frivolous and rent seeking?
The J/V was so toxic that WPL said it was hampering J/V finance, so what do the gurus at FAR do, they said we know more about financing Senegal than anyone and are quite capable of getting their own finance.
You well know the project was delayed because of arbitration yet seem to be still in denial of that.
It was so delayed by FAR's shenanigans that the lease was about to expire without agreement going forward.
FAR were the last of the J/V to agree to FID because they were hanging out for a judgement.
When that judgement never arrived they reluctantly fell in line before expiry.

The J/V unanimously agreed to the buying of the FSPO as in the long run it would be cost effective.
Although FAR had nearly 2 years to finance their share they left it to the last minute because they were banking on a win in arbitration and that end result was only 2 binding finance agreements with 2 banks with the third US$100m up in the air.
They originally wanted US$350m senior debt but that was a bridge too far.
They raised US$100m by duping investors that they had finance even though junior debt wasn't se in stone.
The junior debt FAR were after was about US$150m at even more exorbitant rates than the senior debt yet FAR continued to assure shareholders everything was in hand, falsely.

So there we have it from the horses mouth, 300m plus 100m plus 150m which amounts to 550m plus cash at hand which FAR said was more or less in the bag.
FAR said they were fully financed, they lied.
But here we are listening to an apologist blaming WPL, coronavirus and an oil slump instead of management.
Credibility zero IMO.

Expand

So which is it?

"So there we have it from the horses mouth, 300m plus 100m plus 150m which amounts to 550m plus cash at hand which FAR said was more or less in the bag."

OR

FAR said they were fully financed, they lied.

Before you assault the credibility of others...

FAR Price at posting: 1.6¢ Sentiment: None Disclosure: Held
8 Upvote

2 Great analysis

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