The KBLGA noteholders must vote (at general mtg 10th Dec - proxies due monday 10am 8th Dec) in support of the two resolutions. Both resolutions are reasonably rational and acceptable (under the circumstances) to extend the maturity date by 6 months and increase the interest rate to 12% AND adjust the terms of the notes so that a NEW lender can fund the repayment of Capri + development of mineral hill. This requires 50% of note holders voting for and 67% by value of the notes!!
If we do not get this through then likely noteholders get converted at current sp and Capri/KDR have difficulty in repayment.
The company has called me several times, via proxy advisors so this is a real concern and they are not there yet. I have 6 KBL SPP applications in various entities awaiting the outcome, i will take up the maximum of $15,000 each if KBLGA vote is passed.
If you know any KBLGA noteholders get em to vote in support, coz too much to lose here.
KBL Price at posting:
3.7¢ Sentiment: None Disclosure: Held
