Ann: New A$250 million 5-year Debt Facility, page-7

I have to wonder why OBL needed a 250 m facility at BBSY plus 7%? That is twice the yield of a junk bond !

the financiers must have had a close look and needed this enormous margin to agree to this facility .

The management are obviously aware there is going to be a huge cash flow squeeze in the near future otherwise they would not be agreeing to this extremely expensive facility .

if you were a financier you would have to be putting a stop to dividends if this facility is drawn down as it would be extraordinary if this cash could be used to pay dividends so this does not bode well for the future does it?

When I look at the 2021 financials this company made a loss and paid 60 million in employee benefits .

With employees and offices all over the world and with a fully drawn facility in the future and a BBSY base increase coming for sure, you will have close to 100 million in cash going out the door on interest and employee benefits.

when are the shareholders going to get a dividend in the future as this company has a huge cash burn and a very lumpy profit record .

Management have a lot of questions to answer as it seems to be a company being run for employee benefits rather than for the benefit of shareholders!