LYC

0.00%

$6.40 lynas rare earths limited

Ann: Partial Conversion of Convertible Bonds, page-49

First 49 Last

Share
Profile

Follow
roberter1

1,797 Posts.

237

20/09/17

09:30

Post #: 27333006
Share

Originally posted by FaithfulServant ↑

Hey DD -

The clauses regarding the rising of interest rates (Annex. A, Amendments to Debt Facilities, LYC Announcement 10/2016), seems to suggest there are 3 conditions that need to be met before interest rates can rise:
(1) for 6 consecutive & preceding test dates, the weighted average sale price of NdPr is >= $38 USD/kg
(2) only considers the WASP of the NdPr sold by LYC
(3) test date only considers the WASP at the last day of each calendar month

LYC's Q4 update indicated that NdPr price just touched $38USD/kg in June (but can't tell whether it is average, or if it was the test date), so my guess is that the interest rate rise is still 3-6 months away

Regarding the VWAP 160% and the concerns over MtK pushing harder to convert, it also does not seem to be a material concern.

The Amendments to Debt Facilities issued in 10/2016 did not appear to have amendments over the definition of LYC's Redemption Period. Thus, IMO we can assume the original definition of Redemption Period still stands since the issue of the Convertible Bond Deed Poll, page 9, in 2012:

" Redemption Period means the period commencing on the date occurring 42 months after the Tranche 1 Subscription Date and ending on the date occurring 54 months after the Tranche 1 Subscription Date"

Assuming both Tranches 1 & 2 were completed in 28/02/2012 (see announcements), then LYC has already passed the Redemption Period and, therefore, MtK probably don't have any urgent motivation to convert all the remaining bonds.

Disclaimer - I'm not a lawyer - just drawing some observation and interpretation to publicly available information. Please kindly offer your correction if any mistakes are apparent and/or misleading.

Many thanks.

Expand

Faithful, good post.

You seem to be well researched, any arbitrage play potential for LYC if SP significantly above 16c for duration.

If so any potential to bring MT K to bear and maybe increase clarity of intentions by a few degrees or re open negotiations in SH's favour ?

Wishful thinking of the uninformed lol

LYC Price at posting: 19.0¢ Sentiment: None Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

SKS

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

IMM

Immutep reports strong response rate from immunotherapies treating carcinomas

I88

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

MDI

Nanocap Middle Island Resources kicks off Barkly copper-gold drill run – a potential IOCG-style NT project

NIM

Nimy to raise $1.21M to explore 'newsy' WA targets

BHP

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

ASX hits all time high out the gate on Friday trades following bullish US inflation data

AII

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Bitcoin investors need to know the risks

Week 27 Wrap: ASX hits all time high; CBA shares' two realities; US inflation hits 3% ahead of China plenum

There are more pages in this discussion • 6 more messages in this thread...

First 49 Last

Add LYC (ASX) to my watchlist

(20min delay)
Last $6.40		Change 0.000(0.00%)		Mkt cap ! $5.982B

Open	High	Low	Value	Volume
$6.47	$6.48	$6.34	$20.28M	3.161M

Buyers (Bids)

No.	Vol.	Price($)
1	12848	$6.39

Sellers (Offers)

Price($)	Vol.	No.
$6.40	17965	2

View Market Depth

No.	Vol.	Price($)
3	3600	6.360
1	15000	6.350
2	260	6.340
3	4563	6.330
4	8665	6.310

Price($)	Vol.	No.
6.400	10000	1
6.410	24000	1
6.420	203	1
6.450	3291	2
6.480	2100	2

Last trade - 16.10pm 12/07/2024 (20 minute delay)

LYC (ASX) Chart

Ann: Partial Conversion of Convertible Bonds, page-49

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

Immutep reports strong response rate from immunotherapies treating carcinomas

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Nanocap Middle Island Resources kicks off Barkly copper-gold drill run – a potential IOCG-style NT project

Nimy to raise $1.21M to explore 'newsy' WA targets

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

ASX hits all time high out the gate on Friday trades following bullish US inflation data

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Bitcoin investors need to know the risks

Week 27 Wrap: ASX hits all time high; CBA shares' two realities; US inflation hits 3% ahead of China plenum

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Partial Conversion of Convertible Bonds, page-49

Top Stories

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

Immutep reports strong response rate from immunotherapies treating carcinomas

Infini soars 50% as company reveals it could’ve just made uranium history – redefining what it means to be “high grade”

Nanocap Middle Island Resources kicks off Barkly copper-gold drill run – a potential IOCG-style NT project

Nimy to raise $1.21M to explore 'newsy' WA targets

BHP dips as WA nickel suspended after A$6B hit; losses eased by US CPI and forewarning

ASX hits all time high out the gate on Friday trades following bullish US inflation data

Almonty locks in govt agreement for tungsten oxide plant in South Korea

Bitcoin investors need to know the risks

Week 27 Wrap: ASX hits all time high; CBA shares' two realities; US inflation hits 3% ahead of China plenum

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News