Bigbil, PGI never tell me any more than what is in the ASX announcements. The news today was 100% expected, the loan was going to have to be financed if PGI was not able to secure the notes in time. Secured notes discussions still ongoing, so hence, refinance. I love how you bag PGI for getting such a good outcome considering their circumstances. The gold sector is pits, yet MacBank agree to again refinance, after the loan has already been refinanced 3 times (from memory, although 1 of them may have been just an adjustment).
Why are they able to do this, simply because they are making money and the project will produce profits, hence you reason for holding I suppose. I like that you admit PGI could be viewed as slightly cheap.
They have reduced debt, also pushed back the first payment many months (they were due to pay $5-6 million this year as per the old payment schedule) and are in the process of securing further funding to allow them to expand the business. Not bad for a little battler. Unlike CCC, PGI will not only survive, but will grow, as unlike CCC, its management are honest, hard working and.... I really want to say more, but I prefer not to go to court.
(btw - if you remember, I was there with you in CCC, lucky for me I only made a small loss when I realised how terrible the company was run).
PGI is def guilty of being too optimistic, that has finally changed. PGI is now very aware that they must hit targets, or be further punished, I will agree that they must do better, because there is too much at stake after years of almost.... almost does not make money.
As to your view that 'its dangerous' for PGI to be positive about what is occuring is IMHO, wrong. PGI has good things to talk about, because good things are happening.
Good luck to us both, I would like to make some money, plus wipe away the stain of CCC.
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