News out - The Payment is done The payment is done to Votorantim and there is a particularly interesting part in the news release:
In order to proceed with such payment, PUMA obtained a $2 million loan from a third party. The loan bears interest at an annual rate of 7% and matures on May 24th, 2018. As collateral for the loan, PUMA has pledged the shares of its two subsidiaries. No finder fee or commission was paid in connection with the aforementioned loan.
Do you know a third party who would make a $2M - 7% loan (no finder fee, no commission) to a junior company without having an eye on the junior company???
Another interesting fact is that the loan will matures on May the 24th, after the $1,5M payment to El Nino (April 30th). If they did not include the $1,5M in the loan, maybe it is because someone else is going to make this payment :-)
It sounds really, really good to me!
What are your thoughts?