I could be misunderstanding but I don't think the draw down itself has actually occured yet, I think by executed it means submitted and ready for draw down pending approval. One part that does concern me and doesn't quite make sense is this:
"The Group expects to satisfy all conditions precedent to draw down and access the funds during September 2010. A condition to the facility is that the Group reserve, in cash, US$50million for the future repayment of principle or interest."
Does this mean borrowing $105 million we have to hold onto $50 million thus effectively we only have $55 million to work with or am I misunderstanding something? Anyone with a better understanding notice this and get a different take on it than me would appreciate someone hopefully setting me straight.
Overall still good news as some progress is better than no progress.
GXY Price at posting:
38.7¢ Sentiment: Hold Disclosure: Held
