Definitely not an insider. The paydown of $6M of the ADM is very good news. its inevitable that the balance of this facility will be paid out soon. Its an intolerable situation for First Samuel, however, because ADM are still first ranked lender with a debt that is now far less than First Samuel. My guess is that TTI will now be able to raise additional funds under the shortfall of the rights issue. Certainly enough to payout ADM. That then makes FS first ranked lender. In those circumstances, FS might be willing to negotiate additional funding or at least extend the current facility. That also gives TTI some breathing space to negotiate with other potential lenders to replace the FS facility at a lower interest rate than the current 11%. My opinion only. DYOR
TTI Price at posting:
3.0¢ Sentiment: None Disclosure: Not Held
