Hi Sirrobbo, perhaps if the company provided clearer information...

Hi Sirrobbo, perhaps if the company provided clearer information then there wouldn’t be as much confusion, though I did notice a holder seemed to be in denial of the Sept 24 cash position even though it’s quite clearly stated in the Annual report.

Anyway, the cash position is a bit of a worry, with only A $197,155 available as at 30th September and available funding source through BMCG terminated and ability to draw further on Gemcorp now past the previously announce expiry date of 1st of September. I guess most have worked out that the monthly interest expense on the US$24 million drawn facility is roughly US$385k.

It would be good if the company could clarify the loan requirement to have two current quarters of debt payments available at all times. For example does this include the interest payments or is it just the principle payments and when does the requirement commence. They don’t seem to have enough cash as Sept to cover the next months interest expense , never mind having two quarters of coverage , so a bit curious as to when the requirement kicks in. Obviously with only A197k held at Sept 24 they are going to need to boost cash significantly to meet the requirement.

As a holder, whats your thoughts on the debt coverage requirement, timing, likely funds needed to be available and where funds will come from etc?

Anyway here is the screenshot of the Sept 24 cash position , all the best