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Ann: Update on Voluntary Suspension, page-26

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h00ts

46,599 Posts.

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21/08/15

17:48

Post #: 15853219
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Originally posted by ozblue ↑

I don't know how many of you noticed, but this bit by Bruno.....

"The Board are working on a number of short term and medium term funding options and as soon as they are finalised the market will be advised and the VS lifted. All options are being considered but the Board believe that it is important that when a decision is made that the Company has certainty as to where it is going and how it will get there."

is a LOT different from the official announcement yesterday...

"expects that the documentation will be able to be finalised and released to the market within the next two weeks"

So which is it? All options are being considered by the board, or documentation is being finalised by the board??

If they are going to do a cap raise, as appears likely from yesterdays announcement, then still looking at all options told to Tony is clearly wrong.
Then there is this from yesterday...
"the Company requests the voluntary suspension continue until it can complete the
documentation for its funding/capital raising plans."
compared to the answer received by Tony that includes....
" All options are being considered but the Board believe that it is important that when a decision is made that the Company has certainty as to where it is going and how it will get there."

So are they completing documentation OR are all options still being considered???

To me it shows the company is in total dissaray. They have no idea what they are doing and are probably waiting for the 3 amegos to tell them what they are doing!!

If it really was a cap raise at a decent price for a change to make sure they actually get the money they need in, then they could have done it weeks ago. The information they need to release to the market is how much they really need to get to full production, what the costs and returns of that production will be and allow the stock to trade accordingly.
They will also need an EGM to allow for the new shares to be issued. This is the part that takes time, and the longer they leave it, the less time until the first payment is due, making administration down the road look more likely.
I mentioned much earlier on, that one of the ways the Chinese could get their hands on the whole lot is to do a cap raise too late that basically fails because it's too expensive, but gets some funds in to complete/build more of the plant, then when the first payment is not made, offer the receiver a figure that will be accepted. It seems they are going down that path, as the 2 statements we have above are in complete contradiction to each other.

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"If it really was a cap raise at a decent price for a change"

What is a decent price Ozblue? the Chinese by my math including the Sinosteel electrical contra have put in over $400m plus on top of that they owe already owe Minsheng $88m AUD plus at least another $50m required to finish the project.

What would be a good price 50 cents ? I dont know I dont have enough information to value it particularity given the current copper price at multi year lows.

And then there was the $50m M & G put in plus the $40m azure placement plus the 2 retaill SPP,s plus other placements to Dundee etc which are all sunken costs

CDU Price at posting: $1.11 Sentiment: None Disclosure: Held
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