Ann: Quarterly Activities Report, page-42

Wanga 'I am projecting 35m (at least) cash on hand at the end of the next quarter - with 9m debt interests paid down, but still at LYC's disposal.'

Not correct. The $ are in a restricted account that can only be used with the agreement of the creditors. It is not there for LYC to dip their hand in whenever they like. Also it will be accounted for at the EOY as if it has gone thus from an accounting point of view it has gone.

I would agree that is the alternative if that LYC go and tell the creditors ;its all over; unless you release the funds for working capital, then they may allow it.

However if I were a creditor why would I sink another $20m+ into LYC when I already have 100% security over their assets? It would likely reduce my final payout by $20m. I would be very tempted to force the payment and let them go into Admin. Of course if I felt they could actually trade their way out of trouble then I may allow the draw down, but I'd want some really good terms on the additional interest.

Interest - see what Forsticue have just agreed to?

If they do allow the restricted funds to be used for working capital then a SP of 2c may be forthcoming.