Von Rico
I'm sorry but I have probably misled you about CM8 having to borrow that $3.3m amount which then gets shoved into a blocked account. That's wrong, I think. After re-reading the first announcement, I'm pretty sure this is what happens:
That $3.3m isn't available for CM8 to borrow initially, but if they so desire, CM8 can borrow it, in dribbles of $202909 a month once 90 days has passed, if CM8 can prove they can make the extra repayments via cash in bank and EBITDA provisos. But CM8 won't pay interest on that extra $3.3m unless and until they borrow it...
It is very confusing. I am hoping the webinair will take us through a few scenarios to make things a lot clearer.
And I am hoping CM8 will just go for the cash payments only - with no shares issued as monthly payments. And I hope JGB don't decide to convert any principal payments into CM8 shares.
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- Ann: Notice of Extraordinary General Meeting/Proxy Form-CM8.AX
Ann: Notice of Extraordinary General Meeting/Proxy Form-CM8.AX, page-65
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