Paul: Well said, and right on the money, assuming everything's on the up-n-up and no last minute "hitches" develop. Meanwhile, I'm trying to conduct a mini financial review of my sources to come up with some dream financing scenario's. Anyone out there in lurker, or non-lurker, mode, who has more than a passing familiarity with this stuff? I'd be curious as to what is the most logical course VLNC should pursue. Particularly with this intriguing statement in the recent 10K: July 1997, the Company entered into an amended loan agreement with a shareholder which allows the Company to borrow, prepay and re-borrow up to the full 10 Million principal under the promissory note on a revolving basis and provided that the lender will subordinate its security interest to other lenders when the loan balance is at zero. As of March 29, 1998, the Company had no outstanding Balance under the Loan Agreement. the loan bears interest at one percent over lender's principal line of credit(8.50% at March 29, 1998) and is available through August 30, 2002.
Clearly, a well heeled private investor is willing to pony up some funds. It may not be much, from an industrial loan basis, but hey! Anybody willing, as a shareholder, to ante up that kind of coin must have some faith(as well as an appropriate corporate "warm & fuzzy" regarding VLNC's viability), eh?
Regards!
John~ |
