Shine’s announcement states that they “will prepare further submissions in relation to the recovery of the interest”. Does anyone know on what basis they are preparing these submissions as the application was completely dismissed? There is nothing left to submit on.
Shine does not mention appealing the decision or bringing another application. I doubt they will do either.
This is the biggest financial issue at Shine, and they need to tell the market whether they are appealing, filing a further application or paying the $32 million. If it is the latter, then they need to tell the market how they are planning to pay it off, as they do not have anywhere near that amount in their bank account.
Maybe the silence and delay is Shine trying to work out a payment plan with the disbursement funder, or further finance from the bank.
SHJ Price at posting:
70.0¢ Sentiment: Sell Disclosure: Not Held
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