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Ann: Appendix 4E & Full Year Statutory Accounts, page-152

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04/09/23

08:52

Post #: 69713601
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Originally posted by CDO22: ↑

I did a bit of digging on the unrestricted cash bit. My understanding is that the accounts consolidate the DW as if fully drawn. Reading the report in more details, it sounds like the DW is actually not yet in place. Instead a $15mio corporate facility has been used. I don't quite understand why at this stage, but let's not (yet) focus on this. With $12.6mio drawn from that facility, Spenda must fund another $1.4mio for first loss. Then the remaining undrawn and committed part of the facility is consolidated as cash, so $2.4mio, but restricted, as it can only be used to write new loans. This adds up to $3.8mio vs the reported $3.5mio. Close enough I think... This gives me more confidence that there is no additional financial covenant that could make usage of the DW very difficult as runway decreases.

Note we also learn here that this corporate facility charges 9.75%. A very good rate I should say...

Now, I am getting a little concerned about the on-going characterisation of this arrangement as a $15mio corporate facility, vs a $50mio debt warehouse. The setup costs of almost 2% on $50mio suggest that we are clearly paying for the larger size. But it sounds like, by EOFY23, that DW has not yet been executed, and they are still operating under the corporate facility. And the fixed rate is only mentioned in the report with respect to the $15mio size. There is clearly some negotiations going on to execute the full size of the DW, and possibly bring in some additional funds. AF hinted at some progress in his latest "communication". Very curious to find out what has been going on.

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how come DW is not executed isn't options connected to them part of them being released.

but your calculations need to check how that's working

SPX Price at posting: 0.7¢ Sentiment: Hold Disclosure: Held
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Ann: Appendix 4E & Full Year Statutory Accounts, page-152

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Ann: Appendix 4E & Full Year Statutory Accounts, page-152

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