Just re read the last quarterly cashflow report and...

Just re read the last quarterly cashflow report and commentary.

The commentary says end of March they had $12m in cash and cash equivalents, however the cashflow statement says they had $8.4m in cash and cash equivalents at the end of March. It looks like the debt and hedge restructure was conditional on $8 million being immediately paid off the debt to avoid default (hence half of the placement part of the Capital Raise), which was confirmed in the quarterly cashflow statement. So, $8m was paid of the debt at the end of last quarter.

The discrepancy between the $8.4m and $12m cash and cash equivalents at end of march seems to be taking into account the retail offer being fully subscribed which did not happen until the June Quarter, so they actually had $8.4m cash and cash equivalents end March and not $12m as pretended.

There was no further debt repayment required in the June Quarter as it was paid at the end of the March quarter.

That's how I read it.