Soul Patts own well over 300 million shares in New Hope (NHC) and are raking in fully franked dividends to the tune of $1.23/share, that's A LOT of coin being held by SOL. Not to mention that since the start of 2021, the Millners have individually purchased "on Market" approximately $9,000,000 of NHC shares. To put that into context, the Millners with that sort of spending could've purchased almost 10% of EOS alone.
The Millners don't mind a bit of a punt.
But what I think is being missed in this announcement, is the fact that EOS are still unable to repay debt and have again sought an extension. You could perceive it as being positive, but how long can the show keep going? The general wages and bills still need to be paid, let alone the debt.
And when an ASX listed company is unable to repay debt on time, it affects their credit rating and severely damages their reputation which then hinders their ability to make further arrangements just to stay afloat. But SOL are a different breed. I dare say that any financial institution with risk assessed lending criteria would be disallowed from allocating capital to a business that is unable to meet payment deadlines.
As for the IFV contract - I've been saying for quite some time now that the contract will be delayed and reduced "due to slippery government timelines" and that it would not be awarded in September. Some have mocked me, even posted statements made by representatives of the Korean Military in support of their belief that the reduced contract would be awarded in September.
September is now in the rearview mirror. What's the road ahead looking like?
EOS Price at posting:
48.0¢ Sentiment: None Disclosure: Not Held
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