My understanding is that Lind Partners is not a creditor but an investor who prepaid for their shares at the Subscription Price defined in the announcement on 7 Mar 23. “There is no security provided by Navarre to Lind in respect to the Agreement and there is no interest payable.” I wonder how much power Lind Partners could have in the Administration process.
The 28 December 2022 announcement - NAVARRE SIGNS NEW OFFTAKE CONTRACT AND FINANCE FACILITY, SECURES EXTENSION TO BOND FACILITY AT MT CARLTON states that:
“The facility has a maturity date of June 2023, and Glencore has security in respect of the Mt Carlton assets.”
“Evolution Mining has agreed to a revision of the amortisation schedule to now extend out to June 2025, at which time the bonding for the operation will be fully cash backed by contributions made by Navarre over that duration. Evolution Mining will maintain its first ranking creditor status.”
Evolution Mining and Glencore are the two largest creditors and will ultimately determine NML’s fate. If gold, silver and copper prices are trending up in the next 12 months, it is not impossible for the administrators to work out a win-win DOCA that maximises the creditors benefits by allowing NML return to trading rather than fire-selling its assets.
I don’t believe the administrator can issue a letter before creditors' meeting for shareholders to declare capital loss in this financial year.
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