actually the total debt due is a bit more than Eur36m.Including the compound interets, it should amount now to Eur39m or AUD52m. I don't think Transcor will be able to get a AUD30cents conversion price.
It seems to me they are not in such a strong position otherwise they would have already taken 100% of Gazonor for EUR26m (their purchasing price) and put the company into administration to recover the remaining amount of debt.
In any case, I would welcome a partial or full conversion of the Transcor debt into shares at 35cents or more since EGL will then have a clean balance sheet and an intact upside potential.
This would pave the way for a capital raising (AUD20m?) at similar level to give the EGL team money to prove the value of its portfolio. so all in all I would expect a maximum of 200m shares dilution.
Bart
how many shares will it take ?, page-6
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