On a Beach! Not in Jail.Yes, I did tender my bonds to the offer more than a year ago.
Yes, I did pick up some bonds again.
Yes, I do own the stock. Yes, I did buy stock around 20 cents.
I do not work for anyone.
I do anticipate the Company to reach out to their bondholders with a deal to amend and extend the current maturities. That is what I would do. Get rid of any deadlines well ahead of time when the bulk of the holders continue to be "real money" investors who simply want to see their bonds marked higher in price.
Nickel is in backwardation and so I don't know if the current price spike will immediately hold but I don't think there is any doubt that the trading range is headed higher with volatility.
Each $1 change in the price of nickel impacts Sherritt's earnings by $48m on an annual basis.
You will remember how their NDCC was abnormally high in the 1rst Q because they have a price settlement arrangement whereby cobalt delivered in December was priced in the 1rst Q (lower). They have the same 1 to 3 month backward/forward price adjustment mechanism for nickel and so the recent higher prices should be beneficial for product sold in the immediate prior months.