My analysis FWIW, and why I have bought in. Good news: Well it...

My analysis FWIW, and why I have bought in.
Good news:
Well it seems to me the banks were willing to improve their T&Cs significantly without charging fees because the founders royalties were subordinated.
The founders royalty holders only benefit if the plant gets running properly and can pay back the debt as required. This is a gamble, but requires confidence IMO, if they didn't think it would get up, they would make a different deal IMO, to maintain royalties up front.
I would assume there has been some dd done by KfW.
The story didn't change before and after the placement - no new excuses.
There is an SPP for smaller SH. Not much help for bigger holders.
Founders etc took up discounted stock.

Bad news:
The founders royalties have been put on other tenements, and they have an improved interest rate.
Existing bigger retail SH got diluted like Fruk.
The market narrative is currently that KLL might follow SOP. (This isn't really logical IMO)
It looks like the owners of the founders royalties have considerable power to set things up their way. SH will be watching to make sure the plant is operated for profits over volume, and need to get shitty in AGMs to keep them in line.

Still I got in on the placement, and bought on the placement issue day, as I didn't get as many as I wanted. I think the good news outweighs the bad, and the narrative can easily shift to being one about differences between SOP and KLL. Maybe without the emotion of having taken a hit it looks good to me now.

If I was a independent NED I would probably not have rejected the deal, as there is extra skin in the game for the founders / execs / Major SH etc.