Yes but $A2.8m of the Rights issue proceeds went to repaying an unsecured loan he gave the Company during the Sept19 quarter. Considering there was only $A1m in cash at the quarters close, it could be said he saved the Company. Quite amazing.
Interesting looking at the Company's last cashflow report, they disclosed estimated cash inflows for next quarter (they normally only show estimated outflows).
Cash at Bank 1.098m
Estimated inflows 45.427m
Estimated outflows -35.173m
Rights issue proceeds 9.155m
Unsecured Loan repayment -2.8m
Estimated Cash at Bank at end 17.707m
Mate, if they achieve those numbers then the Q3FY20 Interest payment is covered, plus they frank future profitability making refinancing a definite.
I can only assume that the Estimated Inflows account for the Ganfeng prepayment referenced in Egeria's post last saturday:
https://hotcopper.com.au/threads/ann-altura-ships-record-lithium-concentrate-cargo.5090359/page-30?post_id=41592787
No wonder they were so rapt about shipping to date, as mentioned in Comdivers AGM wrap up:
https://hotcopper.com.au/threads/ajm-agm-and-future.5090973/page-5?post_id=41584421
It looks like we'd only need one more big shipment before the end of the CY to hit the mark.
Up to a month ago I didn't think AJM would make it. Now I'm invested. Go AJM.
Yes but $A2.8m of the Rights issue proceeds went to repaying an...
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