Honest question. Call me a downramper or whatever, don’t really care.
The loan covenants state (so far as I can see and I must be honest and say I haven’t looked hard).. after 30 sept 2018 net debt to EBITDA shall not exceed 1.5:1. Now AJM breached this recently but they claimed they were not in commercial production which exempt them. They’ve since declared commercial production in mid to late March. So should they not have to abide by this for the June quarter?
By my calcs - and I can show you them if you so please they’re will run at EBITDA of $10m for the June quarter or an annualised rate of $40m - this assumes a sales price of US$600/t and AUD at 0.71USD. So they’re going to fail this ratio significantly.. what are the ramifications? Anyone in the know?
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- everblu capital – 29 april 2019
Honest question. Call me a downramper or whatever, don’t really...
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