Ann: Annual Report to shareholders, page-7

Reading the report today. Looking for the hidden 'funnies'. Here is one

On 30 June 2014, the Company announced the close out of all outstanding gold and currency hedges realising ~Us$16 million cash following the replacement of the Macquarie Project Finance Facility with a Us$60 million unsecured 12-month bridging facility with Banco santander (Brasil) s.A (“santander”). subsequent to year end this facility was restructured, syndicated and rolled into a three year facility amortising quarterly (Us$5 million per quarter) with an interest rate of Us LIBOR +3%

Note how the company highlights the UNSECURED bridging. But, according to subsequent announcements this now secured against the mine lease. But here in the report they simply say 'restructured'. So UNSECURED is good, so they say it. SECURED imparts a risk factor, so they hide it.

Dare I wonder what 'syndicated' means. I guess more than one holder of the debt. I dont see a problem, but I am not clear what it means or why it is mentioned.

But, you gotta admit, getting money at LIBOR plus 3% is good work. So maybe these monkeys can learn.