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How long have SCF been engaged in "meaningful discussions" with 14, oops sorry 5, oops sorry a couple, oops sorry 5, prospective equity partners that are looking "promising"? Five months ? Waivers by trustees extended because Torchlight reinvesting funds into SCF that SCF lent to Torchlight - oops sorry, that's not allowed. Oh well we'll extend the waiver anyway because good old AH has definitely got an equity partner arranged before June 30. OOps that's didn't happen but hey it'll be okay because SCF are splitting up the company into the Good, the Bad and the Ugly and they can sell the Good to an equity investor. Oops that didn't happen but that's okay because we're actually trying to get investors for the "whole" company - don't worry so much about the Good, Bad, Ugly thing. Oops it's the 6th of August already - I'll know - we'll spin a bit of a yarn about how close we are to getting an equity partner that'll buy us more time maybe. Maybe Aorangi, or Hubbard Managed Fund could lend Torchlight some more money, do it interest free even, and then Torchlight could invest in SCF and we'll meet the Trust reqirements. Oops AH is in statutory management - can't do that anymore. Must be some way? The Chinese? Could maybe swing a deal in combo with Crafar farms - lots of potential money there. That'll sort out the $180m. Oops it's nearly Oct 12th - we just need another $350m ........
Classic post from the interest.co.nz blog today. Hope that's not to shrill for you Enumerate.