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Ann: Notice to set Arena Investors statutory demand aside, page-74

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Davisite

19,326 Posts.

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24/11/18

17:20

Post #: 36628337
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Originally posted by pe981 ↑

I am curious what you have seen on the Arena webpage? I can't see anything about NXE on it.
The page you linked is the Proactive Investors website containing a press release!!
Obviously Arena are calling in the debt under certain terms of the Con Note Deed which would contain a number of events of default and is the document lawyers will be basing arguments on!
For example we know they require NXE to maintain a certain MC which has been breached, there are also some clauses re adverse events and change of control which may come into play given recent deals and no doubt there are other clauses in the actual contract - not a synopsis provided by NXE or other media.
Events of Default usually over rule headline "key" terms and would normally involve a quite different repayment requirement.................. (no doubt lawyers can argue the finer details)
It was also interesting that when Arena issued demand the MD issued a statement saying they would pay what they considered to be owing in cash asap and were in the process of talking to parties about refinance

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It is like they thought they could find someone to put in the cash to pay back Arena and then realised that nobody would and have now decided to just play for time. Drag out the legal proceedings long enough and they can suck NXE totally dry.

NXE Price at posting: 4.3¢ Sentiment: None Disclosure: Not Held
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Ann: Notice to set Arena Investors statutory demand aside, page-74

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