Ann: Change in substantial holding, page-27

People seem to be hung up on the refinance as if it will miraculously solve everything else. The real issue is the low spodumene price and high costs. While costs can be brough down there is no getting around low prices.
A refinance will likely require quarterly principal repayments. So even at 7.5% over a 5 year amortisation period for a usd150m loan (usd142m+refi fees), we are looking at usd9m per quarter in principal and interest. This is higher than the current c.usd5.3n per quarter in interest only. To date the company has paid interest via equity injections, how then would it make the repayments?
Debt needs to be serviced, or at least, the company needs to demonstrate to lenders it can service the debt. How many loyal holders would be willing to double down to see the debt level come down to say a more managable usd100m. To put it another way, would the rights issue uptake have been higher if the co came out and said the use of proceeds would be to assist with the refinance and to reduce the principal on the loan?
Long way of saying, this is a complex refi and requires time and patience to get the best deal for shareholders. Let's not forget, noone has more to lose here than the directors themselves.