NXS 6.25% 25.5¢ next science limited

forced sale to pay sedco claim?, page-8

  1. 707 Posts.
    lightbulb Created with Sketch. 10
    Hi Pesa
    No that is not correct.
    NXS have never provisioned any amount for The legal claim, they only provided a note for the contingent liability.
    The $59m is environmental provisions, roughly $25m Crux for well head removal, closure on the previous expl and appraisal wells. The balance is for when LT is finished and they have to abandon the field.
    So the accounts will be hit with an extra $30m and potential asset impairment, that I suggest is why they remain suspended so as to buy time to get something done and turn the auditors around on impairment and avoid breaching the Note conditions on debt / equity covenants.
    But I agree , to remain independent as they are, Crux needs to be sold, even $170m pays out the notes, Sedco and leaves $35m or so (under this scenario NXS are not under any pressure to repay the bank debt on LT).
    They will need the dosh anyway to rectify LT immediate term
 
watchlist Created with Sketch. Add NXS (ASX) to my watchlist
(20min delay)
Last
25.5¢
Change
0.015(6.25%)
Mkt cap ! $74.50M
Open High Low Value Volume
25.0¢ 26.0¢ 24.5¢ $47.92K 186.1K

Buyers (Bids)

No. Vol. Price($)
1 7885 25.5¢
 

Sellers (Offers)

Price($) Vol. No.
26.0¢ 72561 2
View Market Depth
Last trade - 15.57pm 19/08/2024 (20 minute delay) ?
NXS (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.