To complete the picture of borrowings, I collected data on "proceeds from borrowings" for each cash flow quarterly since we started production in Q4 2015 :
Cash Flow from Financing Activities :
Proceeds from Borrowings ($ A'000) :
Q2 2018 : 83,821 (Net : 21,665)
(Note : during this quarter, MZI executed the restructured debt facility deal with RCF, they borrowed from RCF 83,821,000 $ and returned to RCF 62,156,000 $ for net additional borrowing from RCF of 21,665,000 $)
Q1 2018 : 6,196
Q4 2017 : 0
Q3 2017 : 6,570
Q2 2017 : 6,641
Q1 2017 : 1,395
Q4 2016 : 21,579
Q3 2016 : 0
Q2 2016 : 8,726
Q1 2016 : 5,928
Q4 2015 : 3,399
Hopefully RMB bank would accept the restructuring of its debt to MZI very soon (around 50 Million$), this would derisk further MZI as an investment. RCF accepted the debt restrcturing because : 1/ its the major shareholder and dosent want MZI to go bankrupt (RCF having so big a stick in the game saved us IMO), 2/ thanks to a whopping 15% annual interest rate, and 3/ the debt should be returned by 2021.
Lets see if 15% interest for RMB is sufficient to accept debt restructuring and fo how many years ?
Most likely RMB would wait for the september quarterly results before committing. That is another reason why the september quarterly is a do or die quarterly for MZI. IMO MZI is now a binary investment : as an extremely high risk / extremely high reward situation as it could get.
Good luck to all, and happy multi-bagger hunting !
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- Ann: Quarterly Activities Report - June 2018
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