And PNR couldn't wait to get rid of their Nebari loan so they had a $95mil equity raising to do just that diluting their shareholders and now they have 6.5bil shares on issue - I can guarantee you that KCN will pay a dividend long before PNR ever does.
We're borrowing initially just US$22mil(A$32.5mil) from Nebari at around 13.15%pa or about A$4.25mil interest/pa - unfortunately we don't know if we have early repayment options or whether we have to draw Tranche2 for US$13mil but we're still talking small amounts to get us basically to Sep/Oct this year and after that we shouldn't require any cashflow support which really isn't costing much in the scheme of things - just a small necessary insurance policy.
Ann: Kingsgate Financing Update, page-40
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