i'm out, page-99

Beachcomber,
So just to be clear, CCU went to the the equity markets and the CBA with a prosptectis and business plan. Share holders staked up and the CBA provided financing for bond and a line of working capital.

CCU failed to execute on their business model by not delivering the plant to a commissionable stage on time or within budget, in actual fact CCU performance in this respect was dismal. CCU then discovered that the complexity of the ore body was inconsistant with their mine plan and further churned through share holder capital retrofitting a ball mill after a feeble attemp to solve the problem with high pressure sprays all the while no where near producing forecast revenue and still collecting obscene director fees.

Business plans, investor road show presentations and market announcements (some may call these promises ) have resulted in continuing share holder disappointment and loss of capital. In fact at this time of writing I can't think of a single above expectation event and this is the last I mention of director fees.

CCU went back to the markets raising required working capital to inpart support contractor and financier payments and repayments, well when that ran out and the plant was still not performing at nameplate the CBA extended repayment of contracted instalments, some may call that supportive. Magna extended the company a loan as well, again supportive. On the near eve of payment of CBA extended instalment repayment CBA extended yet again ( CCU unable to meet commitment again )

CCU need approx 25mil reacapitaliation to square off and trade cash flow positive, with about 60mil in puff over 5 years, it sounds viable.

CBA have accessed their tolerance for risk with regards this company and after consistent failure to meet forecasted targets and contractual repayments (default )have stamped it unacceptable.

I feel sorry for shareholder that have lost money on CCUs never never promises and that includes myself. I don't feel sorry for CCU. I don't care one way or the othe about the CBA, I can't see how they are to blame and in fact have extended themself further that I would have had I been the banker, maybe they just fell for the same spin that I did

Best of luck to all holder, if they can get adiquitly refinanced CCU has a very real shot