thanks Dr for your input, it’s always good look at both sides...

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Watchfulbull

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30/11/20

17:04

Post #: 49244157
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Originally posted by Dr Jonathan West: ↑

Watchfulbull ... I can't comment with any authority about Panoramic but I can about EXG and Dave has not got the story straight there. EXG entered into a $4.5 million loan with Macquarie of which (from memory) there had to always be $2 million in the treasury, so essentially the loan was only allowed to be drawn down $2.5 million. With this loan came a number of gold put options calls and hedging, at prices that obviously significantly advantaged Macquarie, as well as legal charges and interest. Dave is right that EXG got into trouble, after the loan was negotiated during mining ramp up. However, because of the problems with the then company there was a shareholder move to replace a couple of directors and essentially the whole Board resigned and a new Board took over (and inherited the mining problem and the Macquarie debt obligation) in late 2016. The new Board, and critically the new MD turned the company's fortunes around, within a 6 month period and despite early (and for EXG costly) calls by Macquarie to close out both the put options and the hedging commitments, managed to complete mining and have a decent cash reserve at the time EXG merged with Spitfire to create Bardoc.

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thanks Dr for your input, it’s always good look at both sides isn’t it. Hopefully the terms are better for cai and it all turns out positive.

CAI Price at posting: 57.0¢ Sentiment: Buy Disclosure: Held
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thanks Dr for your input, it’s always good look at both sides...

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thanks Dr for your input, it’s always good look at both sides...

Top Stories

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Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Recce scores US$2M deal from US Department of Defense for burn wound infections gel

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