There must be more to this.As I read it:-1.St George Bank is...

There must be more to this.
As I read it:-
1.St George Bank is extending the current Loan ($47M) until the 30th Jan., at which time the arrangements resulting from the capital raising kick in.

2. The target of the capital raising is $23.75 M,
through issuing 2,375,473,180 shares at 1 cent a share.

3. Of the $23.75 M,
$12 M will go to reducing debt to St George.
$1.5M will go to paydown part debt to Reisley Investments.
$1.185 will go to the primary Underwriter.
There must be other expenses,including interim salaries, that they need to clear.

4. PBD will be left with approx. $8 M operational funds.

5. By this time next year they must pay $5M of the remaining $35M to St George. They also must pay another $500,000 to Reisley in the first week of 2014.

6. Hence on top of operating costs for the year they have to pay back $5.5 M within 12 months.

7. Their operating costs include two different categories of interest. At least one month interest(Jan.) on the $47 M (assuming the Nov.& Dec. interest has been accounted for under the 'other expenses ' referred to in 3 ,above). There will also be 11 months interest on the $35M.
I understand the Company was paying very high interest(9%) on part of their loans. Taking this as the worst case scenario ,their interest for the year could be as high as $3.2M.

8. So the money they have to pay back by the end of the year, combined with the interest exceeds the $8M operating funds.
They obviously have other operating costs such as salaries (Board and Management),a wide range of Oceanique expenses (Rates and insurance on 30 apartments and common areas, salaries for on- site manager and cleaners, maintenance, marketing etc.) They also have office rent, communications, travel etc. I am not sure whether the consultants, Azure Capital are yet to be paid.
The issue is that without a steady source of income, the $8M will not see out the year.

9.They do not have any funds for the development of Point Grey. With their last capital raising of $60 M, they allocated $35 M to go towards the development costs of Stage 1 of Point Grey. Without development funds, blocks will not come on stream.

10. They currently have no source of reliable income.

11. In the Announcements of 20th Dec., they refer to the sale of Oceanique apartments as thier potential income source. In my opinion a business plan that depends on the sale of assets that have not been able to shift, even with expensive prime time TV advertising, and with the reduction of price of some apartments to almost mortgagee sale levels, is irresponsible fantasy. It is huge risk at a time when there are predictions of a slowing in mining, and no indicators of a sudden economic upward surge.

12 It is for this reason that I said that there must be more to this. I can't believe the bank would prop up such a flimsy plan. I suspect there is a major asset sale in the wings (perhaps awaiting an outcome on the marina and chamnnel) and the bank is giving them time.

13. With the share price at its lowest level (1 cent),and for those not able, or willing to take up their rights, there has been a massive reduction in the value of their holding.

I don't believe this restructure is anywhere near complete. Very little has changed. Debt is still high, and in my opininion, there is no realistic source of reliable income, there are no funds to move ahead with development, and what little operational funds that do exist, are either already committed, or are inadequate to meet known expenses.
More news must be pending.