And digging a little deeper on our bank facilities. At June 30...

And digging a little deeper on our bank facilities. At June 30 we had drawn loan facilities of USD33,270, which included capitalised interest of USD7.976m. Leave aside asset financed items.

Now this amount of capitalised interest is ridiculous given it was interest for the period December 19 to June 2020 based on loan values totalling USD25.5m. Extortionate rates of interest, IMO. Or maybe there is more to it which has not been disclosed in the 19/20 accounts. But the words were pretty clear to me.

Looking at 18/19 accounts there was no capitalised interest so we must have been getting reamed well and truly by the bank this year, which makes the bridging facility interest rate of 11% really cheap, in context.

Financial markets look forward 9 months approximately. So in 9 months from now we will be loan free imo, or just about to make the final instalment from the bringing facility, based on quarterly amortisation instalments. So imo, our SP is looking to factor in a reduced debt (or no debt) enviro for AIS.

And we should be chewing our way through the USD33.27m facility as well which matures (expires) on July 1 2021.

Our loan total is $49,018k plus $30,000k = $79,018k less $7.5m = $71.518m.

That's what the accounts say. Facts.

There is a very good chance that we will achieve all of these loans to be paid off this financial year, even though they are playing down the FCF from the businesses. I don't believe them!

All of our debt expires within 12 months from today. And we have already contractually agreed to pay it off. No point trying to negotiate out of the shit USD loan deal. The bank won't let it happen especially when we are financially moving in the right direction. Just pay them off, and move on.