From a pure financial play, very clever. They have purchased the senior debt that is going to default on the 30th November. They company hasn't been able to attract any suitors so far. A take over would require the senior debt and secondary debt to be paid out in full and penalty interest plus maybe a very small offer for the share holders. Clearly this isnt going to happen. So SLR will make either a good percentage on the loan if some one buys them out or they will pick up all the assets for not much more than what they have brought the debt for. I dont know what the company is worth from a mining sense, but they will end up purchasing it for a lot less than up the current debt is worth. Share holders will get nothing. From what I can see, a very good play.
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