RIPeak

From Peak annual report - I can't see Peak surviving.....

Summary of borrowing arrangements

On 19 May 2014, the Group entered into a loan facility with Octanex N.L. to provide up to $2,360,000 in funding secured by a charge over the company’s assets. This facility will become an internal matter upon successful completion of the Scheme of Arrangement in which case Peak will become a wholly owned subsidiary of Octanex. In the case of the Scheme being unsuccessful, the loan will become payable upon the first of either the Scheme being unsuccessful or 31 December should the Scheme not be finalised by that date unless a later date is determined by Octanex. The interest on the loan is 2% above the National Australia Bank overdraft limit on amounts exceeding $100,000. The effective average interest rate of the loan is 10.47%.