bliimp, maybe YOU should be better acquainted with the situation, rather than suggesting that I don't know what I'm talking about. I'm not a fool and have been a top 20 shareholder holding more than 2 million shares for many years.
You're obviously an ARE shareholder with your knickers in a knot.
Some years ago SRQ (now AIS) was saddled with a lot of debt unfortunately, mostly due to previous management paying out old copper hedges.
The company was in a complete mess at the time, no doubt about it.
PAG SPV have been involved with SRQ (AIS) since 2015.
Due to PAG SPV involvement and for providing a revolving debt facility/working capital of US$25 million they were instrumental in having the debt held by SCB of US$111 million reduced to US$50 million back in 2015.
More recently PAG SPV have purchased the $50 million of debt from SCB.
( It may have been for the US$25 million or it could be another amount, I'm not privy to this information). That fact is the US$50 million in debt was purchased from SCB by PAG SPV and reduced to US$25 million, the arranger fee of US$5 million is more than fair in this situation and it can be paid in cash or shares.
PAG ( previously Pacific Alliance Group) are based in Hong Kong, however what you say is totally incorrect in saying that "specializes in distressed debt", PAG have been involved since 2015 they saw an opportunity to assist SRQ (AIS) to grow the business through exploration, upgrading the Tritton mine as well as acquisitions. They are also the largest shareholder holding 140 million AIS shares.
Maybe you should read some previous announcements ie back in 2015, maybe then you'll have a better understanding of the situation.
As far as I'm concerned Aeris management have done an excellent job.
AIS Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
