O actually I realise why their may be no shortfall in my calculation!!
Spent to date probably means spent to date, didn't properly read that.
(NEW) CAPEX Calcualtion:
Total required: 2,570m
Spent to date: (1,820m)
Loan facility remaining: (50m)
KML Cash reserves (the JV): (265.4)m
Total required for JV: 434.6m
GBG's 50%: 217.3m
GBG independent (ie GBG): (264.4)m
Surplus CASH GBG: 47.1m
WORKING CAPITAL:
Working Capital: 430m
Working Capital Loan Facility: (336m)
Total cash required for JV: 94m
GBG's 50%: 47m
WOW really. This all seems too exact......
GBG per the quarterly needs $47m for the working capital contribution....And as per model has 47.1m left over from the CAPEX contributions to the JV.
Overall GBG surplus cash: 100k (excluding interest and payments for IO shipped, although this will go on admin/feasibility studies anyway).
Really need more information on all this. However GBG does look on track.
At least it shows a shortfall this time around.
morgan stanley bullish, page-14
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