Ann: Corporate and Operations Update, page-222

IMO Tribeca have brought forward the $15m cash requirement as a result of our financial mismanagement. While many view the increased cash requirement (by 1 October 2019) as a negative because they are unsure where we will get those funds from (spod sales, debt, equity raise), I view it as a positive because now I have the piece of mind that there is a covenant which prevents us from voluntarily sailing so close to the wind with our cash position.

One of my most successful investments is when I backed FMG during the days of low IO prices and debt struggles. Does this situation sound familiar? Fortunately for us our creditors (Burwill and Tribeca) are also substantial shareholders (and then Burwill is also tied up with Jiangte, who is also a partner and shareholder of ours).

In hindsight we all would have traded every low and every high. With the benefit of hindsight (in 1-2 years) I think we will look back at this as one hell of an opportunity.

Remember to DYOR and that the above is all in my humble opinion.