CKA 0.00% 3.7¢ cokal limited

Option explanation

  1. 23,459 Posts.
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    @Agent Cooper

    I believe yet again management should have been more upfront to avoid unnecessary drama and backlash. You will get a kick out of this ...

    If you check here:-

    http://www.cokal.com.au/wp-content/...-ASX-BBM-on-schedule-with-further-funding.pdf

    It states Platinum's loan is payable 6 months from the date of those loan funds. Depending on when they got them, that would have been early February 2015

    But that is the last they mention of the due date. Check september 2014 quarterly, this is all they mention:-

    image.jpg

    I don't see any specific dates, you do if you go searching

    Fair to say, most would have forgotten it was due and payable in Feb 2015 (not that Cokal reminded anyone) and possibly those that knew and have been dumping may have expected Platinum to call on it and screw Cokal - a lot is making sense now

    Now they mention in the quarterly these were issued subsequent to December, so sometime in 2015 when the price was unfortunately 8c or there abouts

    This tells me a few things:-

    - they didn't disclose the date of it being due in September, I'm guessing because they expected to get Foretsry and Finance before then and didn't want to cause a panic (back to the issue of disclosure and keeping us updated)

    - but much more importantly that Platinum could have called on their debt and screwed Cokal well and truly, but instead have opted for options at a premium

    They couldn't have a quarterly go out dated Dec 14 showing $10M was due in Feb, so Platinum show some support, extend their debt 6 months and take options at a premium for doing so

    Why then did someone at Cokal not have the foresight to see how this may have been construed to the market (just read the other thread) and spent the additional 3 minutes writing as explanatory note such as my above paragraph to paint a very different looking picture

    Platinum could have said we will have 25M options at 5c or call on the debt, what would they have done ?

    Time to let up on Platinum, as they could have screwed everyone but instead have given these dimwit management a further 6 months to get Forestry Approval. With approval in hand, Cokal's funding options open right up so I think Platinum are playing ball here

    It is managements lack of disclosure that is doing the most damage IMO. Yet another positive for the stock tarred by absolute woeful PR
 
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