The quarterly states that they didn't receive all the cash for sales completed as the remaining prepayment from Gangfeng was settled.
There have been industry rumours that this prepayment was the reason why AJM were able to sell all their product while others were forced to cut back and their offtakers requested slow down etc.
Thus Gangfeng were essentially "supporting" AJM by taking their full commitment so they could get their spod/moneys worth instead of AJM going under and being an unsecured creditor.
Now that this prepayment is cleared - interesting to see if AJM keep being able to sell all they produce.
Hopefully the re-financing issues are not a recognition of this.
Time will tell - watching with interest.
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