PhilW following on from your points FAR replied to my queries...

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the pumpkin

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26/03/20

12:38

Post #: 43709932
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Originally posted by PhillW: ↑

Received a response from FAR in reply to some questions I asked yesterday.

Q1. Is FAR's cash balance held in USD?
A1. We have a policy of holding the majority of cash in USD. We currently have a combination of USD & AUD. The exchange rate used for yesterday's announcement was 60c.

Q2. Debt funding in announcement was vague and evasive in my opinion. What debt is effected?
A2. When we talked about debt, we were not being evasive, we were talkingabout debt in general. We believe that in this climate, finalising debtarrangements (both senior and junior) will be challenged). The underwriters ofthe senior debt have not withdrawn from the commitment they made to FAR.However, with the global market being where it is, we feel it will bechallenged to finalise debt arrangements for both the senior and juniorlenders.

Focus has shifted to conserving cash and working with the JV to slowdown activity – the reality is that Senegal has gone into lockdown now and itwill be very difficult to deliver a project under these circumstances.

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PhilW following on from your points FAR replied to my queries along the lines that cash call post FID was circa $20M (although not sure if this is US or AUD) and the JV is talking on the overall schedule which will impact on future cash calls and timing etc.

1Q20 will be released end of April.

Re debt the underwriters of the senior debt have not withdrawn but FAR believe it will be challenging to finalise arrangements both senior and junior with the markets being where they are.

note this is my summary of the reply and if posters want to be more specific best to email FAR direct

FAR Price at posting: 1.0¢ Sentiment: None Disclosure: Held
9 Upvote

0 Great analysis

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