Linaker, thanks for that, but you are misrepresenting some of what I wrote.
When I said $15-18m I was referring to the 2 x shipments. Commencing Feb 15 there WILL be 2 x shipments per month. At least for a while. One from production and one from the stockpiles.
I never said FULL payment on Oct 31. Maria told me they expect the Oct payments to be made from the 2 x 5m loans or other funding. On the Oct Hawkswood repayment. Maria DID say to me they have the option to defer it and I still believe that is the case. If the HW receivers wanted to impose 21 days limits and put ady into liquidation, they would have done it already and not extended the loan at all. So they certainly would not do that over a delayed 3m payment. The agreement says there will be extra interest if repayments are late. Maria also told me the YA note can be deferred too. So I'm not at all concerned over Oct 31.
"the joint venture will only proceed if Vallenar Iron is 100% owned by ADY" - Yes, and that should be no problem as wisco has the cash. The last ADY update reports that wyndham has made an offer to ady for their 40% and ady rejected it. Maybe that's because ady have not got the cash. So all that's stopping this wisco/ady JV from happening is the 1mtpa shipping capacity and the jorc.
The court hearing for besalco etc are scheduled for Feb 09. I said IF they settle they will have the cash sooner. If they don't settle? Yes, then its up to the court. On that - a contract is a contract. IMO ady can't loose. (BTY, wisco is assisting ady to resolve this.)
As for the credit squeeze - Things are certainly better than they were last week.
ADY Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
