Ann: 31.5% Revenue Growth H1 2020 Financials Commentary, page-42

So the Engage Board thought that it was in the best interest of EN1 shareholders to extend the related party loans totalling $2.5mill due to repaid on 31 August 2020 for a further year at a "commercial" 5% interest rate.....LOL

I'm rough guess is that the current funding costs of EN1 convertible notes are around 40%.


Looking at the recent capital raise (below) in August 2020, raising $2.1 million cost the company a 8.75% discount and a 6% fee.. so simplistically 14.75% (the cost a equity if calculated correctly will be quite a bit higher than this figure). So the Board thinks it was good business practice to raise additional funds at 14.75%, whilst in the same month lending $2.5mill to related parties at 5%..... OUTRAGEOUS!