Yes, it was about the balance sheet and ability to show the bankers that they could meet obligations.
PLS had significantly lower net debt along with a track record of not just paying interest, but principal repayments as well. They took the hit of dilution to shore up their balance sheet to put themselves in a position to refinance on good terms and it worked.
Whereas AJM had a track record of consistently being in breach or applying for covenant waivers, requests to capitalize interest payments, and a Fitch Rating of CCC+ which all but precluded them from attracting any deals with commercial banks.
Also CEFC is not a charity with some sort of charter to intervene with favourable loans when companies have got themselves into a pickle by overleveraging themselves and falling into a debt trap.
I am stunned that AJM either weren't advised or did not follow advice to raise equity and get net debt below US$100m.
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