Ann: Banking Facility Update, page-9

I think a CR became very unlikely now. Please re-read the update on the banking facility. The CR won't solve the A$100m covenant anyway.
As the balance is now nearly 1/3 than the original amount Investec will be likely to decrease the figures. Maybe A$50m equity covenant and A$5m liquidity requirement?

Please be aware if Investec does not lower the requirements a CR will not be able to solve the equity covenant violation.

Good relationship with Investec is key here, we do not know how things are going, but Peter Stern is a very smart guy, should be in the interest of all parties to negotiate something reasonable. Especially as the covenants are only technical.

$5m covenant with A$6-7 in liquidity is probably the lower limit where Troy can operate at all.

After Investec agrees with Troy to lower the covenant / requirement limits Troy will need some capital.

A$12m until mid-2018 if Smarts 3 is not operational. It should be mid December 2017.
If it gets back on track "only" 4-5m will be needed.

A mini-CR of the still allowed 38m shares would bring in A$4-6m at 10-15 cents.
Advancing the 30% Casposo sum from Austral would bring in more than A$10m.

So a CR of more than 8% or a rights issue seems highly unlikely now.