LOM did receive the dividend, in Australia, per announcement 18 Feb 2022. It was $5m AUD...which is their 40% share of the $14m AUD Dividend..
Their was also another loan repayment of $14m AUD against the SML capital loan - this appears to not have been received, and was being relied upon to replace funds used to repay New Azilian loan... hence the cap raise required in the meantime.
They needed to pay the New Azilian loan by 28 Feb 2022 per the amended loan doc (announcement 14 Aug 2020 (not 2019 as per the recent announcement that the loan was repaid). New Azilian had a lean on LOM assets, I didn't check what, but I don't think that would have been an acceptable risk to take, even with Ross Stanley ultimately being the Financier.. the would have probably copped another $500k restructuring charge to amend the loan terms to a later repayment date.
Some things don't go to plan, this obviously didn't (i.e. repatriation of capital loan funds).
Another unacceptable risk would be to down tools in Angola until funds have been repatriated - sure fire way to end up with the alluvial mining licence and kimberlite exploration licence not being renewed at expiry.
World class asset in a high risk mining Jurisdiction. Get over it, this is the cost of doing business here.
Tribeca investment is a massive show of support for LOM. Likely in Global Natural resources fund, or maybe in their Recapitalisation fund but less likely.
Seeking 15-20% p.a. returns, and delivering in the Global Natural Resources. They aren't here for a quick flick particularly given they are exploring strategic collaboration with Margot McKinney - They are excited by Merlin no doubt as that drastically lowers the risk profile of LOM, and they get upside if Lulo plays out... Very clever buying at probably the largest share price discount to rough diamond prices in LOM's trading history.
And no oppies this time, they have learned their lesson... Dont issue listed options with a CR!...
LOM Price at posting:
7.9¢ Sentiment: Buy Disclosure: Held
