"The black rock terms are a kicker. An annualised rate of 21%...

"The black rock terms are a kicker. An annualised rate of 21% (1.25% per month plus 6%) plus almost 3 million shares. Justin said in an investor interview that they would refinance on much better terms. Ummmm..."

If I read this correctly, the real rate (if the loan is 6 months) is 31% p.a.? (15% plus 6%/.5 and 3m@10c = 2%/.5) (may need to check my maths...) - of which cash is 27% p.a. and equity 4% p.a.

Why will refinancing costs be lower if they haven't been already and Blackrock have wanted out for >12 months ?? Wont the next refinance be at the same or higher prices?

At 31% p.a.cost of funds - is a real difficulty to exceed this with real cash earnings. I am still concerned that they quote EBITDA and EBIT when interest is a clear COGS and before interest measures do not correctly reflect a proxy for cash flow. I hope they stop quoting EBITDA and EBIT and quote all profits after interest as a better metric in the future.....

Good luck to the company and to all investors - but I can not buy...