Given Managements credibility problems, I wonder what early repayment conditions are attached to the Po Valley 20 million Euro Debt Facility (Due to expire in Nov 2013).
Yes, it is only drawn to 7 million Euro and Management state they are conservatively geared etc.
It is clear Castello has problems which would worry any Banker and Sillaro is still in test / ramp up mode.
My issue is the Bank Debt is secured against both the Castello and Sillaro Production thus can the loan be called in early because Castello is only forecasted to produce gross cashflow (pre expenses) of approx Euro 1,200 per day . Also does the Castello reserve down grade affect the Facility?
I note Sillaro, if it goes to plan, will give more than ample cashflow but it is currently in evaluation mode and could have issues.
I would hate to see a rushed capital raising as the Debt needs to be repaid.
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