Idisagree @SaberX. How canit be a negative when you continue to...

Idisagree @SaberX.

How canit be a negative when you continue to make your payments as per the debtschedule and you have cash flow and reserves to keep doing so? IMA were tryingto pay it out earlier, but only if they saved money doing so. They would befiscally irresponsible with shareholders money if they paid it out early withunfavourable terms. We give creditors cash earlier for no reason? IMHO its apositive that they had the cash available to even contemplate and negotiate anearlier payout; a large swathe of companies are actually taking on more debt atthe moment and these guys are happy with less!!

Anyway, it's clear from the announcement that they didn't get the better terms,so no problem, we IMA just continue to pay it as was and as it is. Nothingchanges. At worst its a neutral. This debt deal was struck well before thestock traded at 25 cents, so I don't see what the problem currently is withthis debt at 15 cents given the confirmation of full year forecasts and noimpact to ore quality, management structure, project schedules and soforth.

Now, and I agree that I am speculating here, but the fact creditors don't wantto do a deal and be paid out earlier tells us something. You can decide for yourselfwhat that something is. But history tells me creditors WILL want to get paidout early and accept something less IF they see any sort of capital risk. Ifthere is no capital risk, then they'll just take the yield as is. Anyway, we finished at 15 cents (a 10% haircut today) which given thisannouncement re the shipment delay (which is the only negative in thisannouncement IMHO) is probably fair enough.

I retain my view that if these guyshit their forecasts going forward this stock will be well above 25 cents duringthe 2nd half of 2020.