ADM Capital – term facility – 19% - 30/6/22 – secured (USD denominated) – AUD $7.0m Octet – debtor & trade finance facility – BBSW + 6.25% - 31/8/22 – AUD $5.5m First Samuel – note deed – 11% - 18/10/22 – AUD $3.5m Other – Westpac bank guarantee facility (cash backed) – AUD $265k
ADM Capital loan balance after repayment of $6 million from rights issue: $1.0M at interest rate of 19% = $190,000 First Samuel loan balance $3.5M at interest rate of 11% = $385,000 Octet debtor finance facility. Assuming $4.5 million is drawn of the $5.5M $4.5M at Interest rate of 6.5% = $292,500 Total $9.0M = $867,000 interest annually
My calculations are based on ADM not being paid out in full unless more funds are received from the balance of the shortfall from the Rights issue I am assuming that $4.5 M of the $5.5m debtor finance facility is used given the 4C report indicated only $1.5 million is undrawn of the total at the end of the quarter and the likely cash squeeze from the downturn in activity due to lock downs in the first half.
TTI Price at posting:
3.1¢ Sentiment: None Disclosure: Not Held
