What a dreadful deal. Management have swapped a written agreement from GOT to pay US $125m in 45 days for a payment of US $35m now and a further US $55 maybe in the future. Worse still the new deal is without interest whereas the original accrued interest at US1m per month.
So in summary we have taken a huge haircut( 72% of claim not 82% as stated)and basically swapped one promise to pay with penalty interest which would have equaled approx A$1m per month to IDA for another promise to pay without penalty interest, so no pressure to on GOT if they decide not to honour the agreement.
As a shareholder I feel very let down by the board that we were not told that the funders had the sole right to settlement terms. Naturally they would be happy to settle for this outrageous agreement so long as they got there US $20m first.
Ann: US$90 Million Settlement With Tanzania, page-48
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Last
10.5¢ |
Change
-0.005(4.55%) |
Mkt cap ! $66.76M | |||
| Open | High | Low | Value | Volume |
| 10.5¢ | 10.5¢ | 10.5¢ | $10.5K | 100K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 2131066 | 10.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 11.0¢ | 3566436 | 18 |
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| IDA (ASX) Chart |