This is my working hypothesis, yes. Except that they have presumably done so on the proviso that they have a lien over the stockpile that sits outside Regal's first ranking charge over the balance of the assets. So I'd be surprised if they are truly exposed to the tune of 25M lest someone in the risk department of Toho needs to commit seppaku.
This is my working hypothesis, yes. Except that they have...
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