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  1. bereal


    Seems to be back on the boil? Bereal
  2. Hi Melua, yes I believe they may have gone into VA to give them time to sort out the Grafex CGT but I think the amount that is in the creditors report doesn't appear to be CGT but I think it is the $10m to go to 100% as it appears to be listed by Sheffield, if it was the CGT it would be listed by Moz Govt. Not sure if the $10m will be classed as a debt, which is probably why the VA only allowed it to amount of $1, I would think they either own 100% with perhaps a 10m debt to grafex or they own 80% with no debt to grafex, cant see how they can only have 80% and a 10m debt to grafex. Bereal
  3. Hi Melua, interesting they didn't pay the $1m to get to 90% ownership despite it being a priority item in prospectus. Given they likely forfeit prior payments of $5m by not paying on time you would think there would need to be some reason for non payment, money should have been available. Also, not sure how Grafex could be classed as a debt if the recourse is they continue to own 20%, can't have both one would think. Bereal
  4. Hi Melua, not sure BB will get much priority as he was a ex- director and I think there may be different rules for this from my reading of the VA website. "Entitlements of directors and other related persons also have a statutory priority, however the priority for such persons is limited to $2,000 for wages and superannuation contributions and $1,500 for holiday pay and long service leave entitlements." Not sure how it would apply to a termination payment of an ex-director, but maybe he just becomes an ordinary creditor? Thanks Bereal
  5. Hi Melua, perhaps you missed my big if. The big if was let's assume TON do not have any financial constraints, what then is the big difference. Thanks Bereal
  6. Hi Melua, if someone, and I know it's a big if, came in with a heap of money, what would you then see as being the big difference between TON and SYR. ML, Mangement,resource..? Interested to know Ciabatta thoughts as well, or should we call him the billion dollar man. Thanks Bereal
  7. Hi Melua, though the big question is whether the $800m market cap is justified based on where SYR is today. Your thoughts appreciated. Is the lack of customers to meet production targets a concern and if not where do you see those customers coming from? Bereal
  8. Hi Ciabatta, my apologies, your previous post seemed to be implying they had tried to get bank finance and failed. Why I see this as important is because if they failed to convince any commercial banks around the world then it would obviously raise questions about their business model and profitability going forward. Let's face it, what bank doesn't like to be associated with a business it thinks will be profitable, especially in the "green" economy. So whilst SYR may have raised equity finance ( was it a case of the insto's having to protect their investment, retailers rejected the raising en-masse) it would then raise grave doubts about the SYR business model going forward and its future viability. Those banks are pretty impartial, was the SYR business case just not good enough, with its lack of customers or perhaps other reasons. Bereal
  9. Hi Ciabatta, are you actually confirming SYR tried to get bank finance but was unable to. I had assumed they probably tried and failed but others implied maybe they didn't try and decided to go for equity. But based on your post it does seem as though they failed to secure any finance. If so do you know why they failed, was it a lack of committed customers or were the margins just not there for the type of graphite SYR has. Thx Bereal
  10. Hi Melua, any thoughts on the new trading halt.
  11. Hi Melua, could they not just utilise their $20m LSI equity based funding facility in that case.
  12. Hi Melua, funny timing for it though, I thought the AMG negotiations would be in full swing, perhaps the negotiations are finished one way or the other. Anyway if BB is the change one would assume anybody new would only takeover if they had a commitment for full funding, be walking into a dog house otherwise.
  13. Hi Melua, looks like something may be happening on the management front Bereal
  14. Hi Melua, you ask why SYR has a huge MC and institutional support, well in my view it's the institutional support that has generated the huge MC. Until recently, when using its huge MC to raise funds, there was no logical reason for such a disparity in the two, now of course they are significantly finance de-risked. Not saying they should have been the same MC as SYR, SYR is obviously further down the track so to speak, but the disparity is enormous. And it's not like SYR have managed to sign up any significant forward sales agreements that TON don't have. The question is, what happens to SYR if it doesn't start signing up some significant customers to justify its plant size and business plans, does the institutional support hold it up forever?
  15. Hi Melua, yeh looks like a few are starting to think along similar lines so will be interesting. On the tightening of the register, I thought that's what they brought CC on board for, but nothing much seems to have happened, so that has been a bit disappointing. Is it a case of needing a BFS before insto's will consider getting on board or is it just a confidence in management, or both? Thx
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