MNS directors or nominees have to be on the board of IM3NY, to influence that decision: to replace C4V technology with something else.
And the only way they can get back on board IM3NY, is to buy out (refinance) the USD $100M. These lenders simply want their money back - plus interest if they can get it.
So how is MNS going to find AUD $150M (100/0.65)??? Plus $$$$$$ to re-engineer the plant to produce "generic:' Li batteries???
Is MNS going to raise capital at 1 cents each to raise AUS $150M??? If that is the case, then every shareholder would be diluted to oblivion.
Is MNS going to borrow AUD $150M? What security does it offer to borrow AUD $150M??? Its the plant in NYK - that it has been written off, and $500k cash in the bank!!!
On the best case scenario, you can argue they can offer the plant as security - which is NOT operating to specifications, and will require many millions to re-engineer it to make it operational. Is that enough Security for the Banks/Institutions??? No way.
Then, who will they supply batteries to, when they don't have any OFFTAKE deals anymore??
(20min delay)