thanks for the info
@HomeBrand.
was thinking the same. Re the Lucerne debt. It’s a big deal. They have just been big supporters of PPL. Increasing the debt for them over the time, changing the terms of the loan, I was worried when the director from Lucerne resigned last Month. but PPL gets this great deal out from this. forgiving $7.2M of debt is something else!
Below is from Aug last Year for some background.
Amendments to existing debt facilitiesThe Company has also agreed revised terms on its existing loan facilities with Lucerne. Material terms of the facilities were disclosed to the market on 2 November 2017, 28 February 2019, and 25 June 2019.
The following changes to the facilities become effective from 1 September 2019:
• Maturity date – the maturity date on all facilities has been extended to 1 October 2020.
• Interest rate – the interest rate has been set at 20% p.a. on all drawn facilities (currently $15.6m) and Pureprofile has the option to capitalise interest and repay it with the principal upon maturity.
• Repayment Fee on Control Transaction– the ‘Repayment Fee’, which Lucerne would have been entitled to on the happening of a ‘Control Transaction’ (as disclosed to the ASX on 28 February 2019), has been removed.Commenting on the changes, Mr Edwards said “Lucerne has been a strong supporter of Pureprofile and I welcome their continued partnership. These changes provide additional certainty for the business as it continues to turn things around in FY2020.”
