Ann: $10m Contract with Procurement Australia, page-21

Sure Frank

Loan balances from 4C Report 30-9-2021.

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.