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0.6¢ gulf manganese corporation limited

31 Aug 2018 - debt maturity, page-3

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bitoy

219 Posts.

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03/08/18

11:13

Post #: 34705174
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Originally posted by tt2000 ↑

If the Conversion CPs are not satisfied or waived by 31 August 2018 (or by such later date, if any, agreed by PT JTS), the principal of the PT Gulf Convertible Notes becomes repayable by PT Gulf, together with interest of 15% per annum from that date to the date of repayment. In such an event, the principal on the GMC Converting Notes and any monies payable under the Standby Facility also become repayable."

This is probably the most important deadline for GMC now.

20 business days to satisfy the CPs or they will need to somehow come up with $9M (plus interest at 15%).

GMC are historically horrific at closing out deals (think Pak Marthen). With only $4M cash, not sure how GMC would survive if these debt holders call their debt.

Anyone else realise how serious this is to the ongoing viability (given the smelters have been used as security if they can't pay)...

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We are sick and tired of your scare tactics why can't you move on

GMC Price at posting: 1.3¢ Sentiment: Buy Disclosure: Held
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