Ann: Fluence to Raise up to A$40.7M to Substantially Reduce Debt, page-8

It is painful for us plebes. A big reset and a purge by the new king sorting out the pass deficiencies. What is most concerning is the facilities from Upwell. We had a US$30M drawdown, what the facilities was earmarked for, is for BOO projects but what actually it was used for, apart from the roughly $3M at Bimini Bahamas, the rest was used as working capital. Not making any excuses for the past management, the momentum in China was fully stopped due to covid lockdown which snowballed to this predicament. Ivory Coast was supposed to provide the needed liquidity while SPS and recurring revenue gained traction, disappointingly didn't play to the scenario.

I am incline to agree @vango, Ron's holding had been sitting there stagnant for the last 5 years, which is now removed. The more Doug, Tom, Ben and Ric writing a cheque up for their portion, the better it is for the company. With the 13M shares bought by Doug at 21c and the 20% of this CR, the alignment of the interest of the management team and the owners of the company has never been better since the last reset in 2017.

Note that about 44% of the "Retail Entitlement is currently not underwritten and it is intended to seek underwriters for this component of the offer, in part or full." If it is not taken up, Doug and team's holdings will be even higher in percentage.

From the bottom of page 2 of the 4C update:
"1 EBITDA excludes the impact of Other Gains and Losses, which include FX gains and losses, gains and losses related to various legacy balance sheet cleanup items, restructuring, and other exceptional items. The Management team has been focused on reviewing legacy accounts across the business in 2023 and does not expect some of the legacy issues discovered during this review to impact financial results beyond 2023."
It seems like this is the big clean up, the mismatch of the EBITDA and net profit should narrowed to the difference of financing cost, depreciation and FX gain/losses without much of the "other losses" in the future.

Finally, what I hope with this pay down, amendments and restructuring of the Upwell Loan, is to see what the loan is finally applied to what its intended purpose of financing the US$50M BOO projects by this year end that we have been shown last 2 update presentations. The booking into backlog would only happened after financing closure.