Ann: Response to ASX Query, page-18

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Grant62

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15/03/18

16:44

Post #: 31783690
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Originally posted by schmoove ↑

Shame.
I was hoping that following Catalogue's "draw down what they need" comment
that PDF would be taking full advantage of a $1,500,000,000 draw down facility

The ASX letter states:

and

Can anyone explain this in simpler terms, especially the $6,000,000 coupon part?
The coupons are 8% interest payments at $6,000,000 p.a. which gives us an original 100% figure of $75,000,000.
So PDF are drawing down $75,000,000?

PDF will then allegedly purchase farms with this bond money.
PDF will then "issue a prospectus to raise funds" as stated here:

PDF will receive funds from the bonds as stated here:

But the date of that settlement is unknown.
We do know that the funds from the bonds will be received before the "issue a prospectus to raise funds" occurs.
At that time the ASX will then again ask:

And PDF's answer will be "via a prospectus to raise funds" ?
If all goes according to PDF's timetable, the first half of the coupon payment ($3,000,000) will be due 7 July 2018.
If PDF haven't raised funds via a prospectus by that date then they'll make the payment using......part of the original $75,000,000 loaned to them.

Can somebody hold my stick while I grab the wrong end of it?
Thanks.

Expand

No, the coupon rate is payable twice annually, on 7/1 and 7/7. Why then such specific dates if there has already not been some form of settlement /commitment (that is, commencement in time running)?

So, the bond value is maxed at $150,000,000. No misplacement of the zeroes absent of course also the ASX being wrong which is not how the reply of 6/3/18 reads.

PDF Price at posting: 2.9¢ Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

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Ann: Response to ASX Query, page-18

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