Page 39 of the prospectus, covers this but there was no detail as to how much the trade creditors were owed.
My comments underlined.
Certain creditor payment terms have been extended to the Company to
provide for payment by way of cash instalments, and in the case of some creditors with
the potential for payment obligations to be satisfied through the issue of shortfall shares
and options in lieu of cash (the precise terms of which remain subject to further
negotiation).
By what was released yesterday - it seems unlikely that shortfall shares were issued?
Due to the seasonal nature of some of the operations, I would think that cash installments would be a better way of settling their obligations.
All confirmations of the timing of these deferred payment terms has been
received by way of email exchange for all major trade creditors, except Mitchell Drilling,
which has confirmed deferred payment terms by way of a letter agreement with the
Company dated on or about 11 December 2015 (Letter Agreement). Pursuant to the
Letter Agreement, if the Company does not pay Mitchell Drilling within 3 business days
from the earlier of (1) completion of the capital raise to be undertaken by Triton on or
before 31 January 2016, or (2) 31 January 2016, the Company will pay Mitchell Drilling
25% interest per annum on its debt, calculated from when the debt was originally due and
owing.
As for Grafex:
To this end, the Company has sought and obtained from the Grafex Limitada vendors on
24 November 2015 a revised payment arrangement for it to acquire a 90% interest in
Grafex Limitada. The Company is required to make payment of an additional
US$1,000,000 (further to the US$5,000,000 in cash and Share based consideration it has
already paid) to the vendors of Grafex Limitada to increase its interest in the company
from 80% to 90% as contemplated by the SPA.
The revised payment arrangement now contemplates the Company making this payment on the following basis:
(a) US$750,000 in cash consideration following completion of the Offer; and
(b) US$250,000 to be offset by the issue of Shares and Options to the Grafex Limitada
vendors to be issued from the non-underwritten component of the Shortfall. The
Company intends to place additional Shares and Options to the Grafex Limitada
vendors where there is an insufficient Shortfall.
Tick, so we need to find out how many shares were issued to Grafex 2,777,778? I have not seen the date announced, so I am not sure when this is going to happen.
Section 3.3, under the sub-heading “Taxation and compliance risk” identifies the potential
for the Company to have exposure to capital gains tax liabilities in Mozambique as a
result of its acquisition of Grafex Limitada. The Company considers that it should not be
solely liable for any such capital gains tax and that the liability instead primarily rests with
the Grafex Limitada vendors. Until such time as this matter is resolved, the Company
does not intend to make additional payments to the vendors of Grafex Limitada beyond
those required to obtain a 90% interest in the company.
Grafex has just sat back and waited for payment and their share entitlements in the past - so I can't see that changing?
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