Cheers instructmba .
In regards those Fitch points, the one where it said ;
...“
AJM will utilise the standby equity to fund its working capital and finance costs over the next 12 months,” grabbed my attention because, six months in, and a quarter after the Fitch update, this HAS NOT happened.
.....Despite the stated Fitch logic, which was presumably inspired by :
1) the LDA Capital stand by facility
2) and because Altura must have told them so?
...Instead Altura rain-checked the interest again and went into suspension looking to bring new money in.
And it has been a bit drawn out, so there was obviously nothing solid in the cupboard that ‘it had prepared earlier’.
If the lending environment has remained as tough as last December - I was wondering if maybe the Azure focus, as a last resort, is to secure a smaller amount of new finance, or a partial refinance of the Carval & Co notes.
(0r company patron, director, Allan Buckler, might loan again?)
This might serve to pump things along a while and get the price higher/more secure
before it starts to access that standby equity (which I understand can only be drawn in ‘dribs and drabs’ {see
@GARETH78 post
[here]})... Then, early next year (?) it could theoretically start pulling the LDA funds ?
PS for a view on how another Oz company, BRN, arranged to draw a LDA Capital loan last August see
[link].
... cheers
