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1.82%

27.0¢ st barbara limited

Ann: SLR:SLR Ready to Rapidly Progress Revised Leonora Proposal, page-25

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blind dolphin

27 Posts.

8

02/06/23

13:22

Post #: 68100353
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Originally posted by yurts: ↑

The issue is not really about paying a break free, it is related to the SBM's debt covenants with the syndicated lender. SBM negotiated a waiver for the interest cover ratio prior to December 2022 (apparently, they looked likely to breach this covenant). Basically, they negotiated to kick the can down the road to 30 June 2023 on the condition that a merger review and refinancing event occurred prior to this date.

The issue is (as I understand it) that if SBM breaches the no shop, no DD provisions of the binding GMD deal, and the if GMD choose to terminate the deal, and again, if the SLR bid is late, withdrawn, or not even forthcoming, the lender could call the debt into breach and appoint an administrator.

A lot of ifsand could's but if you were the board of SBM, would you risk the above scenario on a highly conditional offer that does not adequately address the risk? Ask yourself which way does your fiduciary compass would point?

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Why would they call in administrators
. Worse case capital raise. Which in my opinion is a better option, as long as the bod are gone.

Last edited by blind dolphin: 02/06/23

SBM Price at posting: 57.5¢ Sentiment: None Disclosure: Held
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(20min delay)
Last 27.0¢		Change -0.005(1.82%)		Mkt cap ! $220.8M

Open	High	Low	Value	Volume
27.5¢	28.0¢	27.0¢	$806.3K	2.960M

Buyers (Bids)

No.	Vol.	Price($)
4	78558	27.0¢

Sellers (Offers)

Price($)	Vol.	No.
27.5¢	135412	5

View Market Depth

No.	Vol.	Price($)
3	33558	0.270
16	337991	0.265
15	943000	0.260
2	159215	0.255
11	415998	0.250

Price($)	Vol.	No.
0.275	135412	5
0.280	872537	15
0.285	520270	15
0.290	574075	18
0.295	676421	13

Last trade - 16.10pm 14/05/2024 (20 minute delay)


Last 27.3¢			Change -0.005 ( 1.30 %)
Open	High		Low	Volume
27.5¢	28.0¢		27.0¢	1863739
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