Hi all, gotta say, that's a great interest rate for the loan so well done if they can pull this deal off. Be interested to know what sort of security would be in place on the loan, hopefully MNS as a larger party hasn't had to give security over any of its assets that aren't related to The consortium, particularly Nachu as that would make getting funding for that project even more difficult if someone has a first ranking security over it.
Anyway for those that are curious about terms sheets, eg how binding they are in regards to achieving the final desired outcome (ie actually receiving finance) here is a link to Investopedia
"
What is a Term Sheet A term sheet is a nonbinding agreement setting forth the basic terms and conditions under which an investment will be made. A term sheet serves as a template to develop more detailed legal documents. Once the parties involved reach an agreement on the details laid out in the term sheet, a binding agreement or contract that conforms to the term sheet details is then drawn up."
"Term sheets are not generally considered legally binding and are therefore seen as unenforceable in a legal sense. In that regard, a term sheet may seem similar to a letter of intent when the action is predominately one-sided, as in
acquisitions, or a working document to serve as a jumping-off point for more intensive negotiations."
https://www.investopedia.com/terms/t/termsheet.aspAnyway, hopefully for all the long suffering holders they can get this one over the line and past history of Contracts , MOU's and Term sheets that seemingly amounted to nothing (eg Simona, Sinosteel, POSCO, Rosatom
) doesn't repeat itself in this instance. Not sure they can afford to have history repeat itself on this one.
Clocks ticking, about 49 days now, perhaps set an alert in your calendar.
All just in my humble opinion as always.
All the best.
(20min delay)
