Well that settles it. We're all safe for now and the foreseeable...

Well that settles it. We're all safe for now and the foreseeable future! Many thanks! That's a load off my mind!

(I'm basing this on the well-proven TB/SB contra-indicator, which has proven to be remarkably accurate so far. For recent evidence, ask the previous SHers over at Atlas. Just don't mention Mirabella.)

On a more serious note, I can't see Rob messing about with a buy-back. He's far too sensible for that. They raised the cash (equity, not debt) for a reason - and it wasn't to mess around with conducting a ponzi-style SP manipulation. It was to build a business in which real investors will see the value and happily bid up the SP over the longer term. We'll have no problem retiring the debt or (more likely) rolling it over when the time comes - either with BMM as the roll-over lender or someone else. So, there's really no need to worry on the debt front - especially since the conversion rights didn't* automatically port across to BMM with the assignment from Jefferies. (They'll be spitting about that for sure.)

My initial meeting with RD and the several times I have spoken with him since have given me the strong sense that he's the quiet achiever steady hand type. No time for flim-flam. Rather, just get on with the task(s) at hand. I do acknowledge that he's in a much better position with the cash resources now at hand to invest on the better asset group that we now have. I cannot understate just how much more comfortable I am, personally, knowing that a well-experienced miner is now in charge, rather than a corporate guy (i.e. DS).

(*To clarify, the conversion rights on the CN still technically exist, but in the hands of BMM, who is also a ~20% shareholder, means that they are somewhat snookered because they are already at the limit of their shareholding cap (per Corps Act) and cannot go higher without launching a formal takeover bid. The only way that BMM could exercise those conversion rights (and thus exceed the 20% ownership limit without launching a T/O) would be with formal approval (or pre-approval) by a vote of shareholders, which they don't have and are quite unlikely to obtain, without something in return for us. The previous pre-approval that Jefferies was granted by shareholders when this CN was originally re-negotiated was specific to Jefferies and was not transferable. In short, the Corps Act ownership limits trump any CN conversion rights in this instance.)