admiralty update ann, page-34

What utter rubbish Miamivice

That ann was more than reasonable & hightlights what's coming up.

If anything the cash situation is closer to being sorted out, & ADY's current debt is minimal.

I expect Shougang & WISCO will want some equity in CMSB to ensure supply & perhaps a set on the board? (Maybe holding 10% each?) This is what i believe MAY happen to ADY post consolidation & demerger.

The ann also mentions "discussions with financing groups are well advanced to fund this acquistion".

The $US40m letter of credit, the Lithium 10% tender ($US50m?), & now funding for the remaining 40% of CMSB, all seems to be inplace.

Whilst we are awaiting confirmation of this, at least we now know it's 99% done.