GREY:SGLRF - Post by User
Comment by
Khersonon Jul 01, 2015 8:45am
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Post# 23883936
RE:RE:RE:RE:Default in 5 Hours
RE:RE:RE:RE:Default in 5 Hoursdarkstream wrote: on further reading they must pay down loan 75 million by Jan. 31 so the doomsday clock is ticking -probably wait till the last minute again before we hear anything -more important to them is to get huge exit packages for themselves and leave us holding the bag
Very good points Darkstream! But I believe that due to the fact that the shareholders had voted out most of the BOD and according to the company's own Majority Voting Policy, the HRCC is supposed to rule on who stays and who goes, which it has not yet, any decisions by this BOD are in fact illegal under the Business Corporations Act of Alberta!
What is also odd is that the NR does not state how much has been drawn on the credit facilities, therefore I am assuming all $200 million has been drawn and I am also assuming that the effective interest rate is now 10% ( 7.5% in the NR is rather misleading)! Since the maturity date is May 29th, I am also assuming that the next interest payment of $5 million is due on August 31st!
The company now has no choice but to sell assets this summer just to make the next interest payment.
Kherson