Company News -

Apparently the company had obtained another extension until Aug 13, which went unannounced. But this is stated on the Bowra Group website. So this is the reason why no seizure occurred. But what did happen on Friday the news was released was that the creditors were paid in full according to the creditor proposal.

The documentation at the Bowra Group website provides the details of the creditor meeting.

What is fantastic is that Procon comes into a windfall gain over the original $20m. default, and receives instead $115m. This looks like a pre-payment for pending operations, which can be counted as a liability, so nothing unusual there. But there's no information on where the money came from.

What is more, extraordinary powers of execution are given to Procon over the allotment of a new class of shares. Apparently a new 'A' class of shares will be created. Now, this appears to be a squeeze out. How exactly the capital of the company will appear after the close of the restructuring is not clear.

From the appearances of things, my guess is that the company shares have encumbrances of some kind related to the short selling of shares into the market that require extinguishing.

They also get to chose the board of directors. This is the first time that dividends are mentioned.

Will this change my thinking? No, because the creditors were all paid in full. I would reach the same conclusions just the same as there's been no seizure of assets.

They'll be dropping the wedding cake at a troll's wedding if something goes wrong with this whole restructuring.

http://media.wix.com/ugd/2ff03f_f21784c06db04c6c94c9c4ca2bb5bed8.pdf

-F6