re: Ann: Notice of General Meeting & Explanat... IF this scheme...

re: Ann: Notice of General Meeting & Explanat... IF this scheme goes ahead

Impairment provision of $29M

Total Assets increase from $140M to $195M
Total Liabilities increase from $26M to $152M

Outstanding loan $14M + Issue new KBC equity of $2M

PRFG adjusted Equity/ Net Assets = $21M


From release: “The alternative to this was for Keybridge to simply do nothing, which would have resulted almost certainly in PRFG being unable to repay the mezzanine loan (which totals approximately $14 million as at the date of this Notice of Meeting) on its most recent maturity date. This outcome was considered by Keybridge to not be in its best interest. “

I had not seen before that a significant KBC subsidiary includes: Pacific Bridge Cyprus Limited (incorporated in Cyprus) !

Looks like fun for an accountant