Ann: New Loan Facility, page-5

“Site has been working on an optimization and rationalization plan for its Australian businesses and the 300,000 sqm Clark, Philippines land. The Facility will assist Site in progressing these initiatives, and it is expected the facility will be repaid from these sources during this process.”

Well I’ve looked over the last 2 years announcements (there aren’t many) & I can’t find any references to “optimization and rationalization plan for its Australian businesses”, and they certainly are not going to receive money from it. Which just leaves Clark.

Soreading between the lines, they expect either a partial or full sale of Clark by May 29 and have given themselves some leeway till the end of the year. I’d guess the 2 largest shareholders (who provided this loan) have leaned on management fairly hard to get it done. No doubt they have other guarantees not shown in the release. The interest is certainly not cheap & they have options thrown in as well. This must have been a last resort to get some working capital - they only had $141k Dec 31.

To repay the loan by May 29 (which isn’t the last business day in May) would require a deal signed well before that to enable all the DD etc etc.