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rollacoaster

5,719 Posts.

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01/03/20

09:48

Post #: 43239289
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Originally posted by LNC-Link ↑

Hi Rolla.

In your previous posts you mentioned that the senior debt was contingent still on the market soundings, yet from Traders1 email response from FAR we are told that the senior debt is binding(we presume on both parties?).....more confusion that FAR could help by releasing some PUBLIC information.

From my "medium understanding" of market soundings they should have been completed before handing over any binding agreement..????? is the agreement binding on FAR (because uncompleted soundings by the lender), or has FAR got agreements binding the lenders (how can that be without completed soudings?) or are both parties bound????????????????????? ...FFS..

Market soundings is like Bell Potter ringing Meridian and JPM and asking if they want 4bn shares of FAR at 4.25c per share then ringing FAR HO and telling them "we have the SI's covered for the CR.....now could you please pay our commission?" The soundings should have been completed PRIOR to a binding agreement being drawn up unless the binding is on FAR alone (on the hook)???????????????????????????

On the good news front (for MikeR whoever he is) the world is awash with cash in a yield starved environment and it is about to get even more flooded as the CBs respond to this market turmoil. In an environment of ZIRP and NIRP rates, 10% and 15% is a very attractive yield (especially in a world where interest rates are likely to fall further as central banks come to the rescue) as long as the lenders have not gone broke...our three main lenders appear to be in better shape than HSBC, Deutsche Bank and JPM....so lets wait and see.

On the Mezz finance....well I think you've got that pretty much summed up....CR, sell down or higher rates...??? It all depends on 'the timing'. Going by previous "timing" events....it doesnt promise to be a good outcome.

At one and a half cents I'll average down because my "all up" losses at that point will be so extreme that throwing another bunch of money at it wont increase the pain one iota.....also at that stage(and without information) it has ceased to be a calculated investment, more like being in the ring at Randwick.

I'm going to finish my ongoing posts with the obvious question on most peoples lips...

"At what point did our Finance Team realize that PE was a LIABILITY regarding JV finance, FID timing constraints and a falling shareprice?"

Expand

Looks like I hadnt seen the latest from FAR where they now have binding senior finance (although not expected to be legally documented until mid year...)

FAR Price at posting: 2.2¢ Sentiment: Hold Disclosure: Held
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Last 50.5¢		Change 0.000(0.00%)		Mkt cap ! $46.66M

Open	High	Low	Value	Volume
51.5¢	51.5¢	50.5¢	$97.33K	190.2K

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No.	Vol.	Price($)
2	26752	50.5¢

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No.	Vol.	Price($)
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2	42668	0.500
1	47555	0.495
2	29755	0.485
5	119930	0.480

Price($)	Vol.	No.
0.520	109917	4
0.525	60000	2
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0.535	115000	3
0.540	131187	5

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