kbc future direction, page-4

The sale and elimination of all debt are obviously big pluses. It gives them the flexibility to move forward without constraint and removed the risk of default.

The tax thing is unfortunate but it means they are just giving back the $5m cash windfall they received. No overall impact but they got the use of the cash in the interim.

Jury still out on PRFG and this was obviously what Bolton fell out with the previous CEO / Chairman. Realistically if it is a disaster it probably meant the loan was never going to be paid anyway.

What I really dont like is the talk of a capital raising. When your share price is at 40% discount to what you claim to be your NTA then your focus must be on closing that gap. I dont have a problem with the company moving forward now that it is debt free but would much prefer a capital return to a capital raising.