So, $10m cash that no longer has to be contributed as equity towards Autopay funding facilities? Sounds good, so they could reduce the corporate debt by $10m, or expand another facility using this available equity?
Plus the higher facility limit.
We have been making steady progress, improving covenant metrics from 'very tight' to 'tight', showing around $6m NPAT for 3 halves in a row.
So I think it's fair that we can finally return to growth, with those gradually improving metrics, as long as the funding industry didn't continue to tighten, or economic conditions didn't continue to worsen.
Corporate debt had risen from $50m to $51m, accumulating interest. It sounds like that should not really be an issue - easy enough to put a dent in it to get it back down to $50m, or below.
So, $10m cash that no longer has to be contributed as equity...
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