Providence Resources - AGM - Hello there Mmmmm. For option...

Hello there Mmmmm. For option one I meant a deal done by the AGM i.e after June Closure for $96m remaining bonds. The Director remuneration is proposed and voted on by the Board. So they pay themselves what they like !!!!!!Present cash Position is as follows I believe: E8.552 M (as of December 31 2014). I believe this included the melody Finance 20M Dollar Loan (thus the company had probably spent circa 12m of the Loan). Thus we should have E-8.552m + E-26M (Placement) = E-34.552 on hand. From this amount The Company will need Circa E-6M for Transocean Litigation + E-3m for deferred SP Seismics payment + E-2M for Salaries + E-3.7M ($4M) melody payment June 2015 (Total E-14.7M). So E-34.552-E14.7M = Circa E-20M in Cash. Lets say that the company spends E-5M on general costs this year and E-1M Salary Costs for first 6 months of 2016 + 3M admin costs for first six months of 2016 that would leave E-11M on hand by June 2016. At that date the company needs to return E-20M to Melody. So we could do with a FO on Barryroe. If Providence Got E-50M that would allow Them to pay the melody Loan 2016, Use E-20m for drill at SP and have E-20M for running costs 2016-2017