Poor old Troy Resources can’t catch a break.

With a Singaporean-based shareholder seeking to roll the board, the besieged miner has now delivered a $148 million full-year loss and is in breach of its bank facility with Investec.

Investors sold out of the stock (ASX:TRY) in Friday trading with the share price closing 11 per cent lower at 12c with 8.4 million shares changing hands.

The $148 million loss after tax was mainly due to $108 million in write downs for mining property and equipment at its Karouni operation in Guyana, South America.

Revenue increased by 52 per cent to $91.8 million. Gold production came in at 56,200 ounces while group sales for the year totalled 58,139 ounces.

All gold production for the year came from Karouni where cash costs came in at $US970 ($1220) per ounce.

Troy had $8.5 million mn the bank at the end of June which — together with Karouni gold inventories at market value — resulted in liquid assets of $9.8 million.

Meanwhile, Troy provided an update on its bank loan with Investec Bank. The facility with Investec had an initial limit of $US71.6 million, which has since been reduced to less than $US25 million.

The loan requires the company to maintain a minimum liquidity, comprised of cash and equivalents, at all times. Under the agreement, the amount of this balance has increased to $10 million on July 31 from $7.5 million.

However, Troy advised it was in breach of the facility since its cash and equivalents were less than $10 million.

Troy also noted that on the back of the write downs in the carrying value of Karouni mining property and equipment, the company’s net tangible worth had fallen below $100 million level which represented another breach of its Investec facility.

Troy said it was in talks with Investec to resolve the situation.

“Given that the amount outstanding under the facility has been reduced to less than $US25 million, it is reasonable to consider that some of the financial covenants be reduced accordingly at which point the Company will no longer be in technical breach,” Troy said.

“In the interim, Troy has requested Investec provide written waivers in respect of the aforementioned breaches.”

Investec was finalising a review of the loan and would seek credit approval to amend the terms now the loan had been reduced, he said.

The news came as Singaporean-based Republic Investment Management, which holds a 5 per cent stake in Troy, was trying to remove director John Jones and chairman Peter Stern.

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