Ann: Deferral of Intergen vendor payments and Appendix 3B, page-6

I'm confused about some of your comments. What I see is:
1) Company cash @ June 30 2015 - $9.6m. Expected EBITDA 2016 - $7.19m (EBITDA 2015 - $11m). That does not equal "Running out of cash".
2) Empired announcement 27th August 2015: "Conservative approach to cash, decision to withhold FY15 dividend payment and accelerated debt reduction (repaid $4m in FY15) ensures balance sheet to support organic growth." According to that recent statement it would seem counteractive to borrow money at this stage. In fact a change of course with regards to debt would create a credibility issue with management.
3) Based on the second point above, the company under the circumstances is correct to issue 3,140,285 shares at 30c ps under the deferral of payments. Those shares represent the $1.2m shortfall under the restructure. I suspect 2016 EPS will be about 3c. So even at P/E of 15x will result 45c share price and therefore a $213,128 dollar increase for the vendors of Intergen for the deferral. That I figure is the current outlook. However, without the 'one off' or 'transitional' issues the FY 2016 EPS I suspect would be about 5.6c. So any move back to that and beyond in FY17 will result in 84c sp (+) would result in an increase of $1.44m (+) for the vendors.