It looks like ANS has been let off the hook. I note that ASX condition was to see the cash deposited into Australian Bank account first before they ratified it. That is a very telling point.
I think the Cameroon government said show me the proof of funding (show me the money) and ANS couldn't deliver, neither could WAPRC.
if it is not the proof of funding then what the heck is holding the Cameroon back from reissuing the convention.
Project with generate 10% of GDP and debt will be paid back fairly quickly you would expect on that basis.
From SDL point of view. The Note holders have accepted less dollars, SDL still ends up debt free and with a potential $323m plus in funding for Mine development. Majority ownership doesn't change.
However, ANS shareholders will see some further pain as their holding is further diluted by yet another CR. By my accounts they will be over 70% diluted. 60% on this deal with WAPRC plus all the additional CR that have so far occurred and will occur shortly.
MOU is a piece of paper. We have seen many pieces of paper and consortiums set up before. The proof is in the pudding.
