So to understand this free carry debt you need to know that Cokal does not own the BBM area resource. PT (means the big company) BBM owns the resource and Cokal owns 60% of BBM.
So PT BBM owes us in excess of AUD$100 million and growing.
So BBM has to pay back the debt to Cokal before PT BBM starts to distribute 60/40 to all PT BBM owners.
Same for PT TBAR but Cokal owns 75% of TBAR.
Ann: Batu Tuhup Jetty Update, page-50
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