Ann: Appendix 3B - Investec Options, page-2

Another negative ASX release issued after the close just before a break! 

A few points:

1) Why wait until now for this release when the drawdown was 11 days ago (20 December 2018)?

2) Inputting the figures into the Black-Scholes model, using expected volatility of 64.8% (from 2018 Annual Report pg 104), values these Investec options (strike 22c, expiry 3 years) at ~ 7.2c each; ~ $180k for 2.5 million options.

3) $2.5m represents almost 2 quarters of HAV's forecast outflows.Why such a large drawdown in a lump sum? So HAV can pay Investec more interest?

4) Upon learning more details of HAV's facilities, its cash burn was estimated using then available information (Post #: 36791549). It was estimated HAV would be drawn down $0.7m by now (including NAB overdraft). An Investec drawdown of $2.5m (plus NAB overdraft) puts HAV at least 4 months ahead on the estimated drawdowns.

HAV better hope Radford/CMC pays up. 

The EGM can't come soon enough! Reminiscent of "Tony Abbott [being] 12 votes away from losing the prime ministership to an empty chair" in 2015.

Surely, the walls must be closing in on this Board and Management. 

DYOR