Janti - earlier we had debate about the Mt K covenant regarding...

Janti - earlier we had debate about the Mt K covenant regarding the wording of 'LAMP'.

The Convertible Bonds are unsecured.
The Mt Kellett Convertible Bond subscriptio
n documents contain customary covenants which restrict the
Group from incurring any financial liabilities or creating any security interests which in each case would rank senior to or
pari passu with the
Convertible Bonds, subject to specified exceptions w
hich include the Sojitz loan facility. Those restrictions are released
upon the Group
achieving “Completion of Phase 1”,
which occurs once there has been an average level of production over six consecutive months of not less
than 70% of the nameplate capacity of Phase 1 of the LAMP. After the Group achieves Completion of Phase 1, the obligations of
the Company
and the Guara
ntors in respect of the Convertible Bonds must at all times rank at least pari passu with all other present and future unsecu
red
In the ANN dated 16th Sept 2013  - page 62. it states
Those restrictions are released
upon the Group
achieving “Completion of Phase 1”,
which occurs once there has been an average level of production over six consecutive months of not less
than 70% of the nameplate capacity of Phase 1 of the LAMP.

1
6
September
2013