Ann: Appendix 4E & Full Year Statutory Accounts, page-153

Strictly speaking, this does not tell us much about the demand side of the equation. It would if, for example, the whole $50mio would show up on balance sheet, contributing to $50mio - $12.6mio of unrestricted cash. Here, this is instead raising questions about the offer side. The accounts are not in line with the announcement of a $50mio committed facility. Instead, it is just $15mio showing in this report. And we have no colour as to why they are still operating a $15mio corporate facility and not a $50mio committed DW. It's been a year now, and the latest issuance of options suggest that they have just drawn another $1.6mio, total $14.2mio, so still far from making a full use of the announced capacity. There are clear questions to SPX there: Why is the balance sheet showing just $15mio of capacity (offer side)? And can they quantify the number of requests for credit so far (demand side)?