Lucky the cupboard is full, page-31

Not sure what you're responding too, B, but I'll have a crack at clarifying.

When I wrote about the possibility of BMM being prepared to rollover the CN it was fundamentally assumed that, under those circumstances, it would be by mutual agreement with the POS Board. I'm thinking that if the existing CN is varied (by agreement) to the tune of the maturity date, then it may constitute an extension of the existing CN (i.e. existing SH pre-approval stands), rather than a new CN which would require new SH pre-approval to exceed the 20% ownership limit. However, that level of detail and understanding is not relevant right now.

The point I want to clarify is that my comments re- any BMM rollover should not be seen as BMM having a right to rollover the debt at their sole discretion. My understanding is they have the right to demand repayment, but not to elect (at their sole discretion) to rollover. How the CN is dealt with at maturity will be the decision of the POS Board, being cognizant of whatever refinancing options are available at that time. Btw, it's possible that a more favourable debt rollover deal is offered to the POS Board by another lender (Twiggy?), which could see BMM repaid even though they might prefer it to be rolled-over.

The main thrust of my earlier comments to LH were really about highlighting that, imo, it's very unlikely that POS will need to deplete precious cash to repay the CN debt upon maturity in Sept and that some form of debt rollover will most likely occur - either with BMM, or another lender. Precisely what shape that takes remains to be seen.

Was this what you were generally responding to?