Hi Bucky
You're right that a company
can report subsequent events in their quarterly - it's good form to include events that happened post the close of the accounting period but prior to the release of the 4C - but the 4C should
never be used to
announce new news. For the purpose of our discussion about dog recruitment / blood work results, this materila information would need to be disclosed to the market as a stand alone announcement, not tucked away in a 4C. So no, there shouldn't be any 'new' material information provided to the market for the first time in a company 4C.
In relation to the loan facility, I think we're almost saying the same thing. The original announcement identified that an inital $210K prepayment had been received - at the time this was the full extent of the credit available to the company from Radium - and identified that the loan facility provided for a second advance payment as at 30 June:
https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02522346-51KCTQUQSC5PON107S6AP90OKT/pdf?access_token=0007xgWfia9kU1iHrowrWNLbhPFmIt's structured this way because the loan is an advance of a portion of the accrued R&D tax incentive and if the company spend on R&D went down subsequent to the first advance then the lender would be exposed to undue risk if they provided the whole lot at once.
So the $261K extension of the
existing credit facility shown at 7.1 is the fulfilment of the loan previously announced, not "...
a further loan against future R& D refund...".
In response to your rhetorical "...
why would they be taking ut more loans if they are so confident in current deal discussions..." - well, becasue it shows prudent fiscal management to arrange access to non-dilutive cash flow by bringing forward a chunk of the R&D tax incentive at a time when we need the dollars. Hoping for a good deal before we run short of cash is not a strategy.
On another note, has someone lost patience this morning dumping 500K shares in one hit? Curious, isn't it, how they sold out for way less than they could have made yesterday, or even today if they'd just offered the parcel at a limit price? Price drop on a good news day? Now there's a coincidence.
Cheers
Densy
(20min delay)