Ann: Refinance Update, page-21

The existing bondholders are not doing this out of the goodness of their heart, I agree, they want their US$145 million, nothing more, nothing less. There is no point sending in the administrators into this company, they don't have the available net assets to sell to cover the debt. The only way the existing bondholders will get their money is by way of the refinance at this time (unless they want to wait for a few years for the debt to be paid via operating cash flow). I also think that the existing bondholders will be receiving some form of compensation/penalty above the existing interest for the delays in settling the bond.

Do they believe in TER and management, if they did, they would have renegotiated the existing borrowings, not get out. In my opinion. But who knows if the option was ever put on the table and was rejected by either side.

Is this a positive. Perhaps that existing bondholders are not sending in the administrators. Is it a negative. The maturity date of this bond has been well known to management, they stated way back in Sept 2019 (nearly 2 years ago) that they were going to refinance then. Makes you wonder why the 1% is taking forever and needs two (at this stage) extensions.