Ann: Debt Facility Terms Signed, page-25

The first thing directors do when they list on the ASX is have the banks release their personal guarantees and any tangible security held. Of course they're retiring the director loans. Why should they risk their homes/personal wealth for our benefit? You only do that when you still own the whole company. I'm grateful for the free kick over the last few months - very generous of them there is no way you're going to see any asset backed debt besides security over debtors and assets financed by HP facilities

And look, you're almost certainly correct right now, I'm sure the rate is expensive in this case! But debtor finance is getting cheaper these days, I've seen it within fifty bips of bank overdraft rate lately.

If they went to the big four right now, they would have to deal with some business banker pleb that doesn't have discretion for cash flow lends or know how to normalize the RTO to get it through their risk grading models. Once it's cash flow positive for a few quarters, shouldn't be hard to refinance the debtor facility onto a big four trade finance loan/regular overdraft