If KBC had real grounds to terminate their loan facility it would have happened by now. If they don't have grounds they will need to continue to fund MEL per the Loan Agreement. It is not for KBC to decide.
MEL can't announce any re-finance until it is unconditional. As MEL is seeking new funding to bring Odin-2 and the upgraded connection a standard condition would be proof that the JV partners are also funded for Odin-2. VEN has only announced that they are funded following completion of their own CR.
Even if MEL needs a CR, a CR and debt are not mutually exclusive and it may well end up with a combination of a CR AND new debt. I wouldn't be surprised if MEL announced new funding or a combination of new funding and a smaller CR.
Personally, as long as we are given an opportunity to maintain our relative positions in MEL a $2m CR in tandem with some fresh finance wouldn't be the worst outcome. Certainly better than the dilution LT VEN shareholders are currently looking at.
MEL Price at posting:
0.8¢ Sentiment: Buy Disclosure: Held
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