Australia's largest stock trading and investment forum Australia's #1 stock forum

QIN

Click for more information

0.00%

29.5¢ quintis ltd

Ann: Update of put option and loan repayment recovery, page-172

First 172 Last

Share
Profile

Follow
Alistairbarkla

81 Posts.

2

25/07/17

21:23

Post #: 26075124
Share

Originally posted by hottuna ↑

you keep trying to suggest that QIN was in a worse position in 2012 when CBA pulled the plug, but this is wrong on very many levels.

Firstly, it was 2011 when CBA pulled the plug. As at 31 Dec 2010, there was $54m owing on that facility, and QIN had $7m in cash. They solved this by issuing ~$38m in new equity, establishment fees and eventually with a USD150m issue of 11% notes with warrants.

Today, QIN owe $315m in secured notes alone, plus the put liability of $34m or so, plus the full recourse loan book they've sold ($11m from Frank!) that they'll have to make good on, plus who knows what else. They had $17m at the end of May, they've sold $8m of product in a firesale, and clearly they've had no material plantation sales and money is still flowing out, and the senior bondholders are now running the show. They've got an interest payment due in a week, and it would appear no means of paying it.

Today is a whole order of magnitude worse for QIN than the minor inconvenience of CBA running for the hills. Clever old them....

Expand

Does this mean we get no dividend this year?

QIN Price at posting: 29.5¢ Sentiment: Hold Disclosure: Held
Upvote

0 Great analysis

Reply

Top Stories

MRC

Mineral Commodities to shut down Tormin mineral sands project as oil spill contaminates beach

MGU

New results confirm Buena Vista's iron grades potential

Trimmed CPI figure provokes market jump of 1%, but inflation pressures remain a reality

1CG

One Click Group jumps 4% after ending quarter with $2.4M in cash; $1M in revenue and 150K+ users on board

KOB

Koba, formerly a cobalt player, gears up to become newest explorer in the uranium state: South Australia

There are more pages in this discussion • 17 more messages in this thread...

First 172 Last

Add QIN (ASX) to my watchlist