Confirm the warehouse debt is NON recourse to Thorn .
The debt is advanced by a Bank ( Westpac ) and a mezzanine financier. They are responsible for the debt.
Thorn puts in 8% of the value of the trust in subordinated notes. Maximum amount that TGA can lose in the warehouse trust is the subordinated notes ( $24 m at 31/3/2019 )
The only debt Thorn is responsible for is the corporate debt ( outside warehouse trust ) equal to $15.0m at 31/3/2019.
TGA Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
