Ann: Wolf Interim Financial Report & Accounts - 31 Dec 2015, page-7

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bruham

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15/03/16

17:45

Post #: 17281240
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Originally posted by mustpow ↑

Whoever negotiated the debt package for WLF must have wanted the company to fail.

It had $130 million appearing as a Current Liability on December 31. As this made the company insolvent, the debt had to be "renegotiated".

What are the new repayment terms? A variation by the lenders will normally come at a quite a cost.

At December 31 cash was $31m and trade creditors were $18m. Net cash was therefore only $13 million. It's March now, so all of that must have been consumed.

Most of the new RCF $50m facility is likely to be used to repay the otherwise unserviceable debt. This company will be out of cash very soon unless the plant and mine achieve the numbers presented in their feasibility-by-powerpoint publications and the tungsten price doubles.

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Scary figures there mustpow.

Yes, since producing, they have borrowed millions more dollars and earnings of less than one million dollars.
Not the story we were told before production.
How do they intend to pay all those loans back???????

Scary.

WLF Price at posting: 16.0¢ Sentiment: None Disclosure: Held
1 Upvote

0 Great analysis

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Ann: Wolf Interim Financial Report & Accounts - 31 Dec 2015, page-7

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