Ann: September Quarter 2019 Trading Update, page-23

Remember that Trade Payable shot up 10 mil at the end of FY. If anything, this half might just scrap together enough money to pay off the payable and cash will drop 8 mil to 19 mil after loan repayment and financial charges. There isn't much headroom before breaching the loan covenant of 15 mil minimum balance.

So far we have only heard one side of the story from the directors. If the Singapore arbitration is unfavourable and the 20 mil aud to Somboon is due and the lease is cancelled, this ship can sink.

So exercise caution.