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let's hope they are already looking to re-finance, as it could...

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scottm

2,257 Posts.

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02/02/24

16:09

Post #: 72209553
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Originally posted by plonka: ↑

Hi Scott,

Whilst the main issue with G6M currently is the recovery rates which you have always alluded to over the years as the major risk for the Dolphin operations success or failure, the outstanding debt is about to be a major concern.

Looking at G6Ms latest quarterly there is:

$10m of debt maturing on the 8 Nov 2024
$3m of debt maturing "12 months after commencement"
$1m of debt maturing "12 months after commencement"
$3m of debt maturing "12 months after commencement"

I am not entirely sure what "12 months after commencement" is referring to but I assume it is referring to the go live of production/commissioning date which would be some where between May and June 2023. If it is June that is less than 5 months for $7m of unsecured debt due and 10 months for $10m further (the quarterly has this as convertible debt but the 2023 Annual report has it as "Interest only, cash advance facility of $10,000,000."

There is also the $10m Tassy government debt which is repayable in monthly instalments of $167k kicking in 2 years after the first draw down which was in October 2022. So a further $0.5m a quarter due starting in the Dec 2024 quarter.

There is $6.5m debt that is to be repaid twice a year at $1.083m starting 12 months after commission which I assume is June 2024.

There is $5m debt that is to be repaid twice a year at $0.833m starting 12 months after commissioning which I assume is June 2024.

There is $3m debt that is to be repaid twice a year at $0.5m starting 12 months after commissioning which I assume is June 2024.

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let's hope they are already looking to re-finance, as it could take some time.

Last edited by scottm: 02/02/24

EQR Price at posting: 5.6¢ Sentiment: Buy Disclosure: Held
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let's hope they are already looking to re-finance, as it could...

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