AZZ (ASX) Ann: Chairman's Letter to Noteholders

Originally posted by ceviche ↑

ASIC get lots of issues raised and they have to sift the wheat from the chaff. They were in the loop with ASX when AZZ got suspended, so i think they are waiting on the outcome of an actual vote by noteholders.
On past performance they won't act if there is an orderly process in place unless they suspect an actual breach having immediate consequences that can't be addressed by eg appointment of an administrator, or by ASX doing what they are supposed to do, first.

I think pbawley hit the nail on the head earlier when saying that Aurora were concerned that their fund had been suspended because of their 8% holding in AZZG, and want it to be trading again asap. So it is probable that they want Antares in Administration, but if they agree to a moratorium they should get that anyway, until Antares can't pay its way, which may be in a few more months.

JC will hold out for some good news from opec on April 17 and then has no option but to take what he can get to avoid administration, from EGI or whoever. I spoke to him after the meeting and he pretty much agreed that Antares options are tied to the oil price, and his focus was to get the noteholders to agree to a moratorium based on the payout uplift which he has been canvassing. As others on this forum have pointed out, not enough noteholders seem convinced the oil price will rise enough for them to take the risk. Getting cash to survive comes after that, but with noteholders may be feasible, a big maybe.

SO it all depends on the oil price, and the most sensible article i have seen on oil price for 2016 is..
http://www.cnbc.com/2016/03/24/oil-is-still-stuck-in-a-bear-market-dennis-gartman.html

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Why would you believe that aricle when you could believe articles like this that are referenced on Antares website.

"StockAnalysis calculates base value of 45 cps, assuming that the Permian assets can be transacted for US$163 million"

and

"StockAnalysis is now confident that Antares Energy (AZZ: ASX) will survive for long enough to negotiate a sale agreement or farm -out for its Northern Star and Big Star project areas in the Permian Basin. StockAnalysis is now more confident that a deal will be done by Thursday 31 st of March. Shareholders will take a haircut, but will at least live to fight another day, while note holders will have negotiated a significant premium for management success."

Ohhhhh thats right, of course, because we all actually know that AZZ didn't actually negotiate any deal with Noteholders on Thursday 31st March.

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Ann: Chairman's Letter to Noteholders, page-172

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Ann: Chairman's Letter to Noteholders, page-172

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