Ann: Michael Malone Appointed as Non-Executive Chairman, page-120

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DoriansMirror

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02/11/18

11:49

Post #: 36366358
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Originally posted by cheplan: ↑

I agree with most about the positive appointment of Mr Malone.

The Performance Rights is revealing, particularly Tranche 2: Performance Rights: upon the Company securing a material financing package totalling A$50,000,000 as currently planned for the Pearl constellation deployment, and also signing a major telecommunications customer

To me, it suggests:

1) SAS has confidence in Mr Malone's experience and networks to secure the $50M funding.

2) Meir, thus far, has been unsuccessful in finding investors to provide the funding. So it would suggest that nothing viable is in the negotiation pipeline. Thus, the recruitment of Mr Malone to successful secure finance. In all likelihood, Mr Malone will require time from this point to identity, approach and negotiate the $50M. So I can't see secured funds occurring until next year, by March 2019 at the earliest.

3) The funding is likely to be secured via alternative pathways/networks/investors rather than through a broad-based shareholder capital raising. Further, it has been acknowledged that such a CR would not be suitable at the current time from shareholders (see broker report that claims this statement).

Personally, I'm still very comfortable holding SAS. All the best to holders.

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That's all possible. An alternative is that there were informal discussions with a potential investor/ loaner who wanted to deal with MM and told Meir as such.

SAS Price at posting: 6.2¢ Sentiment: Buy Disclosure: Held
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Ann: Michael Malone Appointed as Non-Executive Chairman, page-120

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