Post by
learning123456 on Jul 14, 2024 12:18pm
News
I wonder if there is going to be some new this week.
Still Learning
"Jervois Global Limited (“Jervois”) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) has agreed with the majority bondholder (the “Holder”) of the US$100 million 12.5% Idaho Cobalt Operations (“ICO”) senior secured bonds (the “ICO Bonds”) that the Holder will support a waiver of all financial covenants (the “Waiver”) until 20 July 2024. The ICO Bonds were issued by a Jervois U.S. subsidiary, secured by ICO and guaranteed by Jervois in 20211.
Jervois is working in conjunction with its major lenders on potential transactions to strengthen Jervois’ balance sheet. Concurrently, Jervois continues to focus on cost reductions across its portfolio. This has included a significant, 30%, reduction in senior corporate management roles. In addition, Non Executive Directors unanimously agreed to reduce their cash compensation also by 30%."
Comment by
farml1234 on Jul 15, 2024 9:00am
You forgot something ! Re::Other than the Waiver, there are no changes proposed to terms of the ICO Bonds, including coupon, security or guarantee arrangements. The ICO Bonds also continue in the ordinary course to be subject to no principal repayment until the end of their existing 5-year term in July 2026. On behalf of Jervois Global Limited Bryce Crocker, CE jmho
Comment by
learning123456 on Jul 21, 2024 9:22pm
I got one correct. I know I was off by a couple days. It may not be good news. Let's see what they are giving away. "The securities of Jervois Global Limited (‘JRV’) will be placed in trading halt at the request of JRV, pending it releasing an announcement." Still Learning