The payment being delayed to 1st July has apparently something to do with taxation considerations for one or both parties. It came up in my discussion earlier. The relationship with MIN is obviously very important to RHI, but I expect it suited both companies. I know from reading MIN's announcement about the sale of the 49% interest in the haul road that they have arranged a special temporary debt facility of $750m with Morgan Stanley(MS) pending satisfactory completion of the haul road which still has to be fitted with fibre optics and probably other matters, including asphalting, before the $1.3bn sale is concluded. It seems likely that the MS facility will provide the source of funds for MIN to pay RHI.
What I am thinking is that for RHI, we already have ample franking credits in our franking account to pay a decent franked special dividend without having to wait until tax is paid for the amount received on 1st July. Therefore, once the cash payment is made, they will look to pay shareholders that dividend promptly. I do not have any inside information about this, it's just in my opinion and thought process.
Regards
DF
First ore on ship for RHIJV, page-32
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