gxy speculation, page-19

As I mentioned on another thread, they probably had to take any financing they could get at the time at the bank's conditions. This was slap bang after the GFC dried up all bank lending.

If you look at the process of events, they finally are able to access the bank funds now but need the $50 mil guarantee.

If they had come out and raised the money all in one hit, there would have been more dilution for shareholders at a lower price and there would have been complaints about that.

It seems prudent to me to only raise the guarantee now that the funds are available. Also ties in with the HK listing.

I think there may be some crumbs left over for the shareholders here. Why antagonise your base when you don't have to?