I can't follow some of the math also. According to my numbers,...

I can't follow some of the math also.

According to my numbers, this is where I am at:
Following the January 2016 first earn out payment and $3M EURO refinancing with the bank vendor, total debt was $21.1M AUD at end of January. This comprised of $10.43M in bank debt (senior debt) & 10.71M in track.

Following the second earn out payment in June, total debt stood at $10.43 bank debt and $7.46M track debt.

Now following the recent re-finance the below will occur:
$12.76M AUD will be immediately drawn to repay senior debt.
$10.43M AUD of the $12.76 will be used to pay down the bank debt
This leaves $2.33M AUD to increase working capital and would be included in the reported cash on hand balance of $5M per latest announcement.

$4.4M cash on hand at end of April 16
less $3.73M earn out paid in June 16
= $0.67k
+ $2.33M increase in working capital due to initial draw down
= $2.99M cash balance

So i get a possible increase of $2M in cash from op activities to get to $5m cash on hand at end of June. The undrawn funding of $3.3M is in addition to the $5m cash on hand.

Now I'm not saying we are generating $1m cash per month, but it looks like that was the increase to the kitty from April to end of June's $5m cash balance.

However I would be eager to see what the commentary is on the company's management of it's receivables/payables. When we work backwards from December 15, the company had a big chunk (6 or so million) in net receivables/payables. I presume some of that may have filtered through to April-May collections but I still can't account for the majority of that cash that was due receivable.

I think it's also worth noting that March quarter $3.25m EBITDA is underlying. I'm sure there would be some further integration costs incurred over that period which would be considered non-recurring. Curious to see if June quarter EBITDA is quoted as underlying or actual.

All in my opinion, and happy to be corrected if there is something i have missed in my calcs.
Also worth noting the debt numbers referenced above may be slightly out due to FX movements however I think it is pretty close.

GLAH