ABSA Subsequent to 31 December 2013 the Group received notice from ABSA that a default event had occurred. The directors are working with ABSA to rectify the default as part of the recapitalisation process.
ABSA secured this loan over Penumbra.
EDF
EDF loan (note 9) (i) 15,228
In previous financial years the Group received USD $20m sales proceeds in advance of the delivery of coal in accordance with the coal prepayment facility with EDF Trading. The prepayment facility was secured over all assets of the Group’s South African mining interests................ apart from Penumbra.
Now
During the half year, the EDF coal prepayment facility was restructured into a financial loan repayable through 24 monthly instalments commencing in July 2014. The loan bears interest at 10% per annum and interest will be capitalised until June 2014. Executing binding legal agreements for this restructure are dependent on the recapitalisation of the Group and EDF being provided........... a second ranking security over the Penumbra underground coal mine and its assets.
