Ann: Extension of Share Purchase Plan Closing Dat, page-34

re: Ann: Extension of Share Purchase Plan Clo... There is only a glimmer of hope they will get what is basically 100% financing from Legavo. ie capex $30 mil applied loan is also $30 mil.
It seems astonishing to me that equity of say 30% is not required, in which case a massive CR will still be needed and soon.

Also the loan is so short term, with expected payback being 2 to 6 months. So what's in it for the financier? There must be a very high interest or a profit share.

I don't know why Patersons would recommended it as a spec buy at 13 cents late last year, particularly when it all hinges on the financing and to lesser extent FID. Based on the above, finance was always going to be shaky at best, particularly given 26 June deadline.

I think when the announcement that finance had been obtained via Legavo, everybody accepted that finance was a given. Like my broker mate said he hates Philippines and he hates oil. I am starting to understand the hating Philippine bit, given Legavo is Philippine base finance organisation and it seems they are now renegotiating terms or pulling out totally. But in all fairness to them, they were taking on a big chunk of risk for such a short term loan.
At least we should be safe with the oil part. It has been previously drilled, so the balance should still be there.