pif related news, page-23

The imminent retirement of the PIF debt certainly is good news - looking forward to a distribution at some stage soon.

For the record the disclosure on the debt is contained in the Annual Report for 30 June 2008 which is on the NSX site:

"To enable the repayment of the bank debt, the fund has entered into a new finance facility with a non-bank
financial institution. The terms of that facility are as follows:
Approved facility $20 million
Amount drawn at the date of this report $9.4 million
Interest Rate 20% pa
Maturity Date 30 November 2008
Security: A fixed and floating charge over all the assets of the Fund."

Don't suppose disclosure of the "non-bank" lender's identity is of much value now, except that it would be handy to know who to avoid the next time any of us are looking for finance.

MARCOM