If you look at the Qrtly Cash flow report ..31/oct/2011..which is for july/Sept. LYC had $370.2 m.. (down or spent from $433.9m from prev qrtr)and state that they estimate that $118m will be required for next Qrt..(oct/Dec)leaving approx $250m cash..so soon, when this qrtly cash flow report is released..it should show around $250m surplus.
This is made up of. Cash $17.5.m Deposit at call..$105.1m Sojitz/Jomec cash..$247.5=$370.2m
So did LYC spend more then $118M ?..even if they overshot by another $100m..thats still $150m in the kitty.
Presuming the info ..hear say ..is that the LAMP is 95% complete..hard to see another $250 or $150 m required for the remaining 5%.
If the Malaysian gov has turned around and pre warned LYC that after Cabinet this could drag out till after the Elections..ie cover yourself for additional Funding..and from the looks of it LYC has bowed to that..then this begs the question..what are the Funds for. If the LAMP is complete..no POL..therefor no extra exspense except pay staff to hang around till Cabinet complies and approves.
That sounds unlikely.
If Sojitz has done a backflip..then LYC still has $122.6 cash to stay afloat.($370.2-$247.5m=$122.6m. This is also highly unlikely..Malaysia would not want $247m lost from Foreign Investment,let alone upset Japanese Gov. Likewise Japan lose a solid 8500t /p.a. REE contract.
LYC is not broke or desperate nor stupid.
Siemens and BASF havent put any money on the table yet so they dont need mentioning..nor the other secret contracts.
So this is either Sojitz or something left field..I favour the Latter.
LYC Price at posting:
$1.28 Sentiment: LT Buy Disclosure: Held
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