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11:57
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Originally posted by robworld
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I believe that a majority of commentators are missing a glaring point here about how BJ is arriving at his 850oz forecast for the next 5 months. In order to have entered into very fruitful discussions with MB he would have needed to have supplied realistic production numbers to argue his case for rejigging the loan repayment schedule. Given PGI's continual ability to miss forecasts I do not believe that MB would have accepted anything other than conservative forecasts. Having used those conservative numbers to renegotiate with MB I don't think that they can then go out to potential bond holders with any different numbers (by way of forecast) as that would leave PGI open to being sued down the track if the figures failed to materialise. However, they are still able to now deliver actual production numbers to the bond market so if BJ is proven to have low balled MB then lucky old him - and lucky old us for that matter.
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Rob
(20min delay)