Operations,
You say "..only the $25m bridges are due by dec and feb" . I think you have assumed that all dollars are A$.
You may want to refer to the the company release dated 03 Sept 2014 which has the detail around the Bridging Loan.
The Bridging Loan is currently drawn to US$25.5m and by dec-Feb may peak at closer to US$33m (facility limit). If you assume a mid point max drawdown of US$30m in that period, it seems that Mgt should be putting in place funding to meet this repayment. @ xrate of 70c repayment due is A$42.8m which, I think sits comfortably with the amount being raised.
Of course they could decide NOT to repay the loan in which case it converts to the same terms as the Con Note.
There are pros and cons as to whether this is good for non RCF shareholders.
Certainly understand reason for cap raising although I am sure that, at the time of puting this in place, mgt were hoping that share price would be closer to $1 by now, making the cap raising less of an issue.
Whether issue price for new shares should be 40c or 50c or how they make the new shares availbale is debatable although speed and certainty would be important I would have thought.
TP
MZI Price at posting:
54.0¢ Sentiment: Hold Disclosure: Held
