Ann: Loan Facility, page-2

14% interest and a 4% arrangers fee in a near zero interest rate environment. The M8S board and management are even more hopeless than I initially gave them credit for. They must be betting the market will re-rate their stock on completion of the first cell at Gingin otherwise it’s hard to see how they pay this back without diluting the buggery out of everyone. History repeats itself.