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21/04/20
19:26
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Originally posted by KantonZug:
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The Group entered into a $5.0 million loan facility ('Facility') with Catcha Group Pte Ltd in November 2017. The Facility is secured by a first ranking security over all the assets of the Company Group in favour of Catcha Group Pte Ltd under a General Security Agreement. Key terms of the Facility include: • An interest rate of 12% per annum with a maturity date of 3 years. • A commitment fee of 3% on the $5.0 million loan amount, payable upon commencement and a commitment fee of 2% per annum on the undrawn balance of the loan, which starts accruing once the Company draws on the loan. • Draw down subject to shareholder approval (obtained at the Company’s 2018 annual general meeting) of the issue of unlisted options over shares to be granted to Catcha Group Pte Ltd (at exercise price of $0.20 per option). • Customary financial and operational undertakings by the Company, including relating to reporting and maintenance of assets and profitability. Nasty loan, surely the co will raise $$$ instead of drawing down on this.
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Have a look at the history of E88. Of course they'll take the loan at 12% it a related entity. They're burning about $2m a quarter. Have a look at the announcements:iCar Asia reaches EBITDA breakeven in November 2019 iCar Asia again reports record quarterly cash receipts ICQ's 2019 Revenue up by 28% and EBITDA improved by 45% iCar Asia withdraws financial guidance for FY2020 Key Metrics Stable in Q1 as COVID19 Impacts Cash Performance Yeah "stable" burning shareholders money. Next Quarter it will be iCar announces free steak knives with subscription AIMO of course. 2 price queries in January. No idea. Substantial holder jumping in and out like a Hookey Pookey champion. Completed an acquisition in Indonesia in November. Seriously, what can go wrong? Do a lot of research here.