CM8 said debt refinance by end of Q3 and failed to deliver. The latest presentation clearly states 'expected to be concluded by end of Q4' not will be.
If holders are expecting debt refinance to be done by end of Q4 then you may set yourself up for disappointment. That's not to say it won't happen, just note the provision in the wording for it not to happen.
Serious question, wouldn't the lenders want to see 2016FY audited figures which won't meet the self imposed June deadline anyway?
This is one of many things that is making investors shy away and overall I would suggest the tone is that CM8 has overpromised and underdelivered. This is reflected in the current SP.
CM8 Q and A apps, page-96
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