Doing a bit more research on the original PAM loan facility it was two tranches of $3m and $2m to be used for inventory purchases, investing in the brand(?) and general working capital uses. SPA market capitalisation at the time was $30m. There was a Warrant issued that could be exercised at $.30c to convert to equity. Originally the $2m bridging facility was to be repaid 1 July 2024 (since renegotiated).
SHs should be asking the Board and any Directors involved with the original deal for a detailed explanation around the value of this loan facility for SPA.
On reading what PAM is reporting on their own website. whilst not reporting on SPA specifically, generally their fund returns are doing exceptionally well noting a number of successful Warrant negotiations that could benefit from any successful turnarounds in their portfolios.
We wait with anticipation for the latest Board announcement on FY24 results and further updates on the PAM loan facility. Interesting times.
Doing a bit more research on the original PAM loan facility it...
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