POS has just announced a massive positive restructure of its CN...

POS has just announced a massive positive restructure of its CN with its New York bankers Jefferies.

MBN-
CN US$48M (sans Banco bradesco loan), 4 years to go, ex price US$0.16 or AUS$0.23, preepmtion rights to block other debt or CRs CNs (forcing rejection of US$30M deal)
Annual sales of US$180M, massive infrastructure built costing US$900M, MC of US$55M

POS-
CN US$35M reduced to $17M, 5 year term extended 3 years from 2017 to 2020, reducing exprice from AUS33c to 9c, no preemption rights, so other CN CR or other debt allowed
Annual sales of US$1.5M, massive infrastructure built costing US$1.5B, MC of US$32M

I am stunned.
How is it that lowly POS can outdo, outmaneouvre, outnegotiate outthink and outrefinance its CNs on better cheaper longer terms with a new york banker but MBNs board of rich bigwigs from international bondholders with US$1T investments cannot!

This is a freaken disgrace! They ought to hang their heads in shame!

At this low NP where all NI producers are holding on for dear life loss producing, MBN is a standout profit producer, earning US$180M pa income, but allegedly breaking even for 15 months (i disagree), with the lowest debt its ever had, but cannot agree to US$8M CR! Disgraceful!

If lowly POS can agree a fair reasonable deal for its new york bankers to exit gracefully cheaply and allow fresh debt & equity to pursue its mining production then WHY CANT MBN!!!

The POS Board stood tall, held strong in the face of pressure/threats/abuse/humiliation, with a gun held to their heads for years they talked their way to a great fair deal... thats what a team of legends does, unlike the MBN Board and unlike BNYM who on a suicide mission go sulking off to Korda Mentha and shaft all other shareholders when someone tries to eat their lunch.

MBNs international board of big wigs & US$1T bondholders have been shown to be totally useless & brainless with US$180M income pa, even though MBN had less debt than annual income & US$48M of CN. MBNs new york bankers blocked its CN dilution after on market share accumulation of 20%.

POS has shown them how to do it, how to win and prosper with low debt, low NP, low income, lower dilution to benefit buyers and all shareholders. The overhang CNs gone forever guaranteed. A SP spike on the ASX market guaranteed so as to pay out the CNs.

POS renegotiates CNs with their new york bankers to halve the price of the debt, reduce the exercise price to a quarter and double the maturity term yet MBN goes into VA & receivership for the same thing, its CN holders suicidally refusing to agree to US$30M financing and a small CR and forcing it into administration... unbelievable.

BNYM and CN of MBN hold your heads in shame...how lowly POS can do a deal for everyones benefit but you cannot. Shame shame shame.

A deserved standing ovation for local POS but a standing egging for the CN Holders & BNYM & their so called special counsel... How could MBN get this so wrong yet POS get this so right! MBN needed a counsellor on dealmaking, how to avoid suicide and avoid losing US$300M rather than advisers who have destroyed all shareholders value and the respect of the world.

If I was Hamilton, Lord Abbett, Pioneer, HSBC, National Nominees, I would break ranks with BNYM and their failed policies and side with Wellington & BCEE and rollover our debt on similar terms and relist whilst paying out BNYM.

The CN holders & BNYM & their counsel could not have done a more suicidal, humiliating, morale destroying, value destroying, job destroying effort than they have. When BRL saved it they decided to TH it! When US$30M lifeline was offered they rejected it! When W BCEE was bidding up the price they halted it!

Why cant W BCEE payout the CNs or the VA renegotiate the CNs on similar terms!
Say term extended from 2019 to 2022, Ex price from US16c to US10c, np premeption blocking rights.... but no these CN holders wont do it, they want selfish control blocking all buyers even at a US$250M loss... thats complete suicide!

Take a leaf out of Jefferies Bank books I say... do a deal now!