re: Ann: Company Update - Financing Documents... "In addition,...

re: Ann: Company Update - Financing Documents... "In addition, the Facilities have been recommended by the majority of the Board, including the Managing Director, the independent Chairman and all independent non-executive Directors."
If you read the letter of the chairman (part of the notice from today), everybody was in favor except the three directors from YTG.
http://hotcopper.com.au/announcementFiles/2013/YTC/e0c9a577-9c49-4aa3-a028-454c41e8f065-YTC624687.pdf


@Incalm:
The notice says "ordinary resolution". YTG holds ~20%. Everybody else seems to be in favor. So chances are good it will pass, but it's not certain, especially with lots of banks holding as nomminees for small foreign clients like me - no idea whether they'll abstain, whether I get asked or whether they can vote in favor on their own ... Also, Glencore (~5%) can't vote. If you can vote, do so.


P.S. For me the most important sentence in the whole document:

"It is the Company's intention to repay the
facilities in full on the basis of the projected performance of the Hera and Nymagee Projects. If conversion occurs, it will be solely at the election of YTC and may well be at a price (in the case of Facility B) substantially higher than the assumptions shown."
(p 42)

Basically the only scenario where we don't repay facility A is if Hera doesn't get its permit or we screw up construction. In that case, our shares will be worth shit anyway, so conversion at 0,25 would in fact be beneficial to the remaining shareholders ...