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14-08-2021, 08:06 PM
#2011
Member
Well SailorRob, I do agree with you with company provided figures. The ones given (when they are given) are very how shall I say it? Hmmm very lacking in detail shall we say. Have to admit that, very almost deceptive to some degree at times. That's just my observation anyways. Definitely lacking transparency in my view
Last edited by Sharp737; 14-08-2021 at 08:34 PM.
Reason: punctuation
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15-08-2021, 09:38 AM
#2012
Member
See on the news ships are skipping New Zealand ports particularly Nelson. What will happen if tankers bringing refined products probably on a just in time basis do that? Country grinds to a halt.
Actually I've heard that during the depression cars used to be fitted with devices on the running boards that produced gas from coal and the cars ran on that. That could be the solution - retro fitted running boards and Coal.
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19-08-2021, 08:42 AM
#2013
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19-08-2021, 08:45 AM
#2014
Lender Consent and Terminal Conversion Funding Confirmed - NZX, New Zealand’s Exchange
Lender Consent and Terminal Conversion Funding Confirmed
19/8/2021, 8:30 amMKTUPDTEThe New Zealand Refining Company Limited (“Refining NZ” or the “Company”) announces that the Company’s lenders have granted their consent for the Company to transition to and operate as an import terminal. They have also agreed to extend and increase the Company’s debt facilities to fund conversion costs.
The extension and increase in debt facilities comprises:
• An extension of the $25 million facility maturing in September 2021 to March 2023; and
• Two new facilities of $15 million each have been added, with maturities of December 2022 and March 2023, to assist with the costs associated with the conversion to an import terminal.
This brings Refining NZ’s total available debt facilities to $410 million (including the Company’s $75 million subordinated notes on issue), with an average tenor of over four years. Refining NZ’s net debt as at 30 June 2021 was $230 million. For further information on debt facilities maturity refer to Appendix I.
The Company has confirmed with its banks that no dividends will be paid before December 2022 and afterwards will not be paid until the Company’s Net Debt to EBITDA is below 4.5x. This is consistent with the expectation that dividend payments would recommence 1 to 2 years after conversion as outlined in the Conversion Proposal approved by shareholders on 6 August 2021.
The debt facilities and lender consents are subject to conditions including the Company reaching an agreement with its customers in relation to the Terminal Services Agreement (as contemplated in the Explanatory Booklet issued on 5 July 2021) and a Final Investment Decision by the Refining NZ Board to proceed with the conversion.
ENDS
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23-08-2021, 03:55 PM
#2015
With todays ann of a Ampol take over of Z Energy and them supplying their product into Z, what is the future now of NZR with the loss of the Z market ?
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23-08-2021, 04:07 PM
#2016
Member
Originally Posted by whatsup
With todays ann of a Ampol take over of Z Energy and them supplying their product into Z, what is the future now of NZR with the loss of the Z market ?
Z owns a big portion of NZR so I think Mr Market sees that as a positive
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23-08-2021, 04:21 PM
#2017
Originally Posted by hogie
Z owns a big portion of NZR so I think Mr Market sees that as a positive
Yes but now ZEL/Ampol will be purchasing their petrol direct from Aust and with the loss of that market it will mean a much smaller demand for NZR from Singapore once they close down Marsden Point!
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23-08-2021, 05:18 PM
#2018
Member
Originally Posted by whatsup
Yes but now ZEL/Ampol will be purchasing their petrol direct from Aust and with the loss of that market it will mean a much smaller demand for NZR from Singapore once they close down Marsden Point!
I'm unsure how much "petrol" NZR actually supplied to the local market ... more aviation fuel ...
The pipelines are all in place, perhaps Ampol sees potential utilisation of the existing NZR infrastructure to get sharper margins on their refined product.
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23-08-2021, 06:40 PM
#2019
Originally Posted by hogie
I'm unsure how much "petrol" NZR actually supplied to the local market ... more aviation fuel ...
The pipelines are all in place, perhaps Ampol sees potential utilisation of the existing NZR infrastructure to get sharper margins on their refined product.
Yeah exactly right. Much more efficient distribution. Nothing changes with NZR.
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24-08-2021, 09:49 AM
#2020
Originally Posted by SailorRob
Yeah exactly right. Much more efficient distribution. Nothing changes with NZR.
Could be, TWT ( time will tell ) !
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