Hi Norma,
Spoke to Bob Messenger midweek but not had time to post. I don't have my notes with me so forgive me if I ramble , but basically the details are sorted with Celtic.
What I didn't realise is that it is not Celtic that has the deal with MCI, but Celtic has the deal with the lease company that MCI deals with. MCI and the lease company are the hold up at the moment, haggling over the value of the equipment, but once that is sorted, Celtic is on 5 days notice to get moving the stuff.
While Bob was down in Texas he was talking to bankers and is confident of raising half the money needed that way. He also knows investors that will provide the balance of the money as an equity investment, but that may mean a sizable portion of shares going to 1 or 2 investors who may require a seat on the board or some say in the direction of the company. It seems that he is loathe to do that at the moment and is talking about a convertible debenture.
I suspect that he is not moving on the Celtic deal right away, just in case the MCI / lease company deal does not go through (no indication that this could happen, but who knows) but he also stated that he wants Celtic with or without the MCI deal. It makes sense to wait, Celtic becomes cheaper if there is no MCI deal.
Bottom line is that he can get the money, when it is decided how much is needed.
Celtic is on 5 day standby, ready to go.
Bob expects it all to be wrapped up by end of May.
I am holding my shares but am going to keep watching. If / when I get any more news I promise I won't be as tardy posting it next time.
Hope this answers most of your questions, can anybody add anything to this?
Lets hope MCI and the lease company stop haggling about pennies and do the deal.
Regards
Ray |
