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These people have masterminded the coup of the year. What is frightening is what is coming next and you can all laugh but ask yourself this question.
They have set a bridging loan in place for 5 months and a refinancing package to pay that out. Why do they need the clause about change of ownership and a 20% premium to pay out the bridging loan..
The fine print reads if by some miracle there is a change of control meaning 50.1% shareholding or greater not absolute change of control before New Years Day then they (Altamont) want a 20% premium or $65 million EXTRA on their $325 million loan repayment..Presumably, because a change of control would stop them ripping the guts out of it and selling it off
so they want a slice of the pie that they might miss out on.
Being the Devils Advocate I interpret that to be far more sinister and
cleverly orchestrated meaning what is to stop Altamont from already engineering a deal with an "arms length entity" to wait till the share price crashes which it will then launch a raid and grab control. That triggers a quick $65 million bonus and the arms length entity is the equivalent of the bastard child from an untimely coupling. Simply an un officially non related entity. These guys are smart this is a new trick of the trade coming into play on its maiden launch into history.
There is absolutely no reason for any penalty or bonus interest payment
in a change of control situation because their loan still has to be paid
so they don't lose anyway. They are in this to get every dollar of profit
and they will make countless millions, shareholders will get SFA..c
Shows you how stupid the banks are by taking a collective $50 million
haircut whilst the vulture funds pick up $50 million for a few weeks.
Glad to see someone making some money out of this and there is more to be made. It will finally come to a cashed up shell owned by the yanks and will be the perfect vehicle to slash and burn another Aussie company that needs help. And GE charge 36% interest on their pay day loans to all the unfortunate suckers who get caught up in the major department store you beaut loan deals.......One shareholder one vote wake up Australia get rid of incompetent boards who screw up like this one has.