Ann: Update re Bank Guarantee Facility, page-3

Urkkkk

Could be a lot less than three months to a resolution.

If ANZ does not table a new proposal by that October 2nd date, then I doubt a lazy $80 mill to replace the guarantees will be readily found !

I would be willing to bet that major shareholder Noble is not flush with cash to tip in to the pot. Their shareprice is down 70% in the year since Iceberg Research started to point out the Noble emperor was wearing pretty threadbare clothes. It is close to all time lows in Singapore today.

The panic about Glencore's debt and cash position may lead to forced liquidation of physical commodities and paper positions as nervous lenders put pressure on traders to turn metals, minerals, ags and energy products in to cash, all of which would put further pressure on commodity prices and the financial capacity of various traders with weak balance sheets.

This may be what a great deflation looks like when it starts to roll.


If the ANZ news is not a workable outcome, then I would expect the Board to have to meet urgently to consider whether the Company can continue to trade and meet its obligations, given their own liability as directors. Monday the 5th could be an 'interesting' day.