re: Ann: Consolidation of secured debt, appoi... I think the...

re: Ann: Consolidation of secured debt, appoi... I think the workers signed back to Norseman Gold Limited, the 100% owned subsidiary of Norseman Gold PLC NGX AIM:NGL.

The $25m loan taken on-board by a Tulla subsidiary is with Norseman Gold PLC., as you say.

Tulla are funding the administrators out of their own pockets and so insure Norseman mines are still run as usual.

Tulla and the Chinese must have hatched a plan some time ago as to the likely outcome of events. No surprises to either of them and no doubt this guarded secret will be made known to us in time.

So Norseman Limited has no debt or running costs due to Tulla paying. There is the key to all this, making NGX minus a $25m loan debt and Norseman Limited's debt less Norseman Mines.
So Norseman Limited must be worth all the money and Norseman PLC all the debt. But PLC owns Limited.

So Tulla must be banking on the Chinese, so they can both bid for Norseman Limited with no debt. But they also need to safeguard their $25m loan, shareholding in Norseman PLC and keep the Chinese happy who have 9.6%.

So a behind the scenes deal just has to be in place already and that concerned having a debt-less Norseman Limited up for sale and why Tulla are funding the administrators.

The last fence is how much shareholders in NGX get and therefore the Chinese consortium and Tulla must pay enough to cover the $25m loan and a minimum of 4c a share and probably 6c, the amount Tulla paid for most of their holding.
I saw 8c mentioned somewhere but that may be optimistic.