time to say goodbye, page-12

Ratman,

It says that part is cash and part shares, ie 72% cash 28% shares. The amount is $14.9m.

So the issue at the moment is the $10.7m in deferred consideration and $31.2m in bank debt. They have cash on hand of $21.7m

So worst case scenario is that the cash is used to payout the deferred consideration and that NAB rolls the $31.2m loan into a 3-4 year facility. I cant see NAB waiting full repayment of the $31.2m facility. Even if they use $5m of the left over cash and roll the debt into a $26m long term loan.

It also notes that the various bank loans were subject to various covenants were renegotiated on 29 June 2010 and the financial covenants were waived at 30 June 2010. So if NAB has waived these its a good indication that they should rollover the debt, probably at a higher margin.

there are many posters on here implying NMS is done and dusted, i dont think it is but i think the MD is just about toast.