Restructuring of final payment due to Scarborough vendors Valad...

Restructuring of final payment due to Scarborough vendors
Valad has an obligation to pay the vendors of Scarborough (including Kevin McCabe, a director of Valad) approximately £37million (circa A$78 million) in September 2009. In order to demonstrate their support of Valad, the vendors have submitted a proposal to Valad to restructure these arrangements thereby and reducing the cash commitment payable this year by some £30 million (circa A$67 million).
The proposal involves the issuance of equity at a price to be agreed, such that the vendors will increase their holding in Valad to 19.9%. The remainder of the payment will be deferred by three years to September 2012 and will bear interest at a rate to be agreed. The effect of the proposal will be to improve

READ It carefully …it’s an equity raising for 19.9% in return of deferral of payment…that means 400m shares….BUT at what price ….most likely 20c lets hope