Ann: Variation To Convertible Note Subscription Deed, page-10

Hey @Robot42. Just reviewing posts I missed whilst away.

So how did you go the guru's responses to your questions....???? Doesn't hold stock in many co's at all but is happy to offer his BS 'Guru' spin. Almost universally despised on HC......

Mind you, I noticed no one else had a crack.....

Regardless, back to BCI's Convertible Notes (CN's) and your question/s.

So let me say, when first proposed, I was against the two $50mil tranches of CN's, primarily due to the potential dilution of existing holders.

Times have certainly changed since then and Mardie is going to cost a whole lot more. $$$ are therefore needed.

Simply, this revision of the previously agreed CN's is/was easily the best outcome for the company.
* We still need to confirm this aspect, but it appears no further debt is/will be required (although no numbers of the Mardie cost escalation impact have been released),
* Also need to check the fine details which will be released with the AGM invite, but the $100mil can be converted to shares progressively as drawn down by the company, although they have indicated they intend to draw down the full $100mil soon after shareholder approval,
* BCI will have a second 'significant' (and largest) shareholder with a long-term investor profile,
* As a result I'm OK with their new requirements (although I'd like to read the 'details') - Aus Super's 'green light' for the new CEO didn't' appear to be a roadblock to the recent announcement, so I don't see the 'concessions' made as being anything significant - Kerry Stokes essentially has had the same powers for many years......

Remember shareholders DO get to vote on these changes at the upcoming AGM (late November) and I'd reckon this option is far better that the alternatives of -
* Raising up to $100 mil (currently), particularly with the cost uncertainty over the project,
* Considering further debt as an option, &
* Existing shareholders including a small SPP.

So on the basis of the info currently, publicly available, I'm OK with this decision - I don't like the dilution, but if it has to happen to get the $100mil and Mardie up and running, I prefer it to be coming from Aus Super.

I'll certainly be reading the AGM notes with great interest though.....