GREY:ZARFF - Post by User
Comment by
nkbourbakion Nov 21, 2018 3:40pm
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Post# 29006569
RE:RE:If debenture holders say NO and ZAR dies before Dec 2019
RE:RE:If debenture holders say NO and ZAR dies before Dec 2019rad10 wrote: LOL - there is only 3.5 US million in secured debt ahead of us. I will be happy to wait in turn for a CCAA recovery if necessary........ I estimate the vulture recovery will be over 70% of face value and I am incredibly patient................ The tax pools alone are 20 million on the open market............
As stated - you are out of your depth.
At 0.10/share conversion, us noteholders are getting something like 94% of the company. Doesn't look there's a lot of extra upside to go after IMO so my initial reaction is to support the deal.
That said I'd be happier if the interest payments until Dec 2019 were added to the face value before conversoin. They claim in the PR that the exchange has to be at market, as per TSX rules, so likely not much room to move on that. Perhaps shareholders could challenge any exchange at less than market.