Collateral of $15,000,000 share @ 0.035 = $525,000
Hence a $200k facility was added.
And a “further” $260k held in trust.
So:
Cash at bank $100k
Facility $200k
Trust $260k
——————————
TOTAL $560k
——————————
$560k/15,000,000 = 0.037333
Therefore @ 0.037334 they need use of the $4.5mil faculty.
But what are the terms of these three (3) facilities ?
Capital management has in the past, not been strong.
Ann: Quarterly Activities and Cashflow Report, page-20
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