Ann: Corporate Debt Refinancing, page-14

Reading the announcement a couple of times, I'm really liking it:-
* Dont worry about the 10million warrants (that's hardly anything)
* Coupon Rate is the same as it was 10%
* Obviously Geely played hard ball, and Tse had other options (good leadership)
* 3 Year expiry is great breathing space
* No interlinked 'sell down of Sal da Vida in deal
* No rushing into more debt for Sal da vida

This gives GXY plenty of time to make some serious $$ from Mt Cattlin, then consider options for expansion or Sal da vida in 12months time 'if price is still booming' .

A much more patient approach.