Tranter Burnstone (proprietary) Limited
If we do not get at least $1.00 GBGLF pps Tranter will be in financial trouble!
Tranter Burnstone (proprietary) Limited Defaults in the Requirements of Loan Agreement with Investec Bank Ltd
Great Basin Gold Ltd. announced that Tranter Burnstone (proprietary) Limited is currently in default of the requirements of their loan agreement with Investec Bank Ltd. under which it borrowed ZAR 200 million ($27 million) to partly fund the purchase of 19,938,650 treasury common shares in Great Basin Gold in 2007. The default is due to an approximate ZAR 45 million ($6 million) unfunded cash margin call as a consequence of the decline in the value of the Great Basin Gold shares serving as collateral for the loan. Of the Company's existing guarantee of R140 million ($19 million), ZAR 14 million ($1.82 million) remains available to meet the unfunded cash margin.
Cheers,
Golden~Polar~Bear
PS I always thought Tranter and GBG were joined at the hip; it explains why some of their offices are in the same building at 138 West Street, Sandton, 2146,
in South Africa.
