Ann: Update on Kings Currency Notes, page-11

JBL's preliminary report was announced last Friday:
https://www.nsx.com.au/ftp/news/021737301.PDF

Note 24 - Borrowings on page 38 says the following:
(c) On 30 November 2018 JBFG, a controlled entity, entered into a senior debt facility with an external investor ('lender'). The total facility is $7,000,000 over a term of 4 years at 10.5% per annum interest. $1,749,999 of this debt is classified as a current liability with interest owing of $51,957.

The facility is secured over the assets of JBFG and provides the lender with options to purchase 1 - 1.5% of the ordinary shares of JBFG at a fixed price. The lender may either put those shares to JBFG to repurchase them in certain circumstances or hold them on an ongoing basis. As at 30 June 2019 $4,725,000 is outstanding on the facility.


Hopefully we'll soon see queries from NSX asking JBL to clarify in more detail exactly what those assets are.