Not positive @thehunter, it means they have been on Xmas holidays through January and February and effectively have not given this issue the due attention that it required. Or worse, they could not find a loan facility and did not want to do another Rights issue. Take your pick. Using our shareholder money they have kicked Carnegie down the road by paying them $50k and then another $100k and in the meantime paying them now 20%pa interest. Who the hell pays 20% interest in this day and age !!! Interesting time to re-read the statements made and reasons for last years Rights Issue.Then they have decided that they will try and resolve the rest of the C.N's that come due in September 2019 (is a good thing) and are proposing to pay them $103.25 for $100 (20%pa is cheap) face value to exit early. As for their "we have done a great job and found a $20m cornerstone investor" claim - that could simply mean that the existing non Carnegie C.N holders are potentially rolling over.... wonder if that will soon be 20%pa as well ? Very light on the details. So whilst sipping martinis on the Xmas hols they have effectively done nothing but find ways for AJQ shareholders who actually own the Equity in the company to pay more for funding. Great work.
Sorry - but not impressed.
And what is happening at Myall Creek 5A ? Flooding in Qld is in Townsville and inland not the S S/W corner of Qld so I assume somebody has been out to do some work by now ! Given the only way out of this internally created mess is to either generate cash from production or via further Rights Issues - getting Myall Creek 5A and many more connected and pumping is even more important.
I think a takeover is our best bet...... anybody got Ian Davies (SXY) phone number ?
