It's not the C1 costs that worry me. Its the costs from the CB's and secured loan. They add up to about$US 7.90/lb (the secured loan also includes principle repayments). They said something about dealing with the 2017CB "in a timely manner" in the last conference call I think, the SP has headed south ever since.
Have a look at shortman, the level of shorting has hardly changed recently, its trending sideways. My thoughts are that the recent plunge is related to a play to refinance the 2017CB with a low conversion price and maximize the dilution - great for the CB holders, not great for shareholders. They don't have enough cash to pay it out and won't while they are cash flow neutral/negative. They have to refinance, no other option. Selling a few shares now is nothing when you can get a lot more from refinancing a CB with a conversion price of for example 40c.
Reluctantly have reduced my holding recently, maintain long term faith but too much uncertainty at present.
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12 | 4573 | 11.610 |
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Price($) | Vol. | No. |
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