As I read the quarterly, MacB ended negotiations with the American fund on the 30th and presented an offer to PGI on the following day.
As it was included in the announcement, I presume PGI had known about it for a little more time than suggested.
However it is only and offer, and, although it apparently is attractive to PGI, BJ will probably try to extract a better deal.
There may be a bit more in closing the hedge, maybe some room on delaying the payout for the royalty, and a bit more if MacB is motivated enough.
BJ has done the hard yards not to issue shares in the last 12 months, I don't want him to roll over to just make it easy to close off the loan.
If shares are going to be issued, make sure the funds raised are earmarked for a project that will bring value to the company
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- Ann: Quarterly Report as at 30 June 2015
Ann: Quarterly Report as at 30 June 2015, page-20
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