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Ann: Suspension from Official Quotation, page-43

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xmanrocks

3,201 Posts.

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03/09/21

07:28

Post #: 55797649
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Originally posted by kojak78: ↑

It only seems as if the trade credits have been rolled over for years. In reality they have been paid and replaced by new credits due to new orders in recurrent business situations. Likely not much in imports but mainly payments to contractors. So the trade debt (not imports though) likely has Troy Guyana as sole debtor. TG has an agreement with government to import without duty. TG owns the plant. Except for the tenements, belong to separate entities, half of them had been used to secure the Investec loan to Troy, once they got available they likely had been used to secure the gold loan. If Troy can enter into an earn-in agreement with Barrick we can assume those tenements are not used to secure the gold loan, especially as some of the tenements only had been acquired after the gold loan had been made. A lot of guesstimates for sure, if someone knows more I am glad to hear his opinion.
Could also explain why the creditors had been so patient: makes no difference if to scrap and sell the plant back then, now or in the future. In the meantime they get recurring business. The plant is the only thing the trade creditors get in insolvency. And so it seems trade credits will only be a problem for Troy once they cannot make use of the plant anymore anyway.
Surely everything rests on the decision if Troy gets funding for Smarts u/g. With the financials being due I think this is not the reason for the trade suspension though.

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you make note that the trade creditors get the plant in insolvency........how can that be when the gold loan has security over it

TRY Price at posting: 3.7¢ Sentiment: Sell Disclosure: Held
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