Ann: Quickstep Investor Strategy Presentation June 2015, page-10

Hi Clyde and all,
Yeah I couldn't agree more on the wage bill front let alone the size of the board for a small cap. If the employment ramp up was to cater for current growth in the JSF then it may be justified, however if their employing more people to cater for "anticipated" or "expected" growth that still hasn't materialised then that's a tough sell.
On the finance front I was under the impression most of QHL's available capital was provided under the govts EFIC (export finance) funding corp, at presumably a very low interest rate, with a couple of million thrown in by ANZ bank with a guarantee from EFIC. Yes ANZ wanted the guarantee but there is support from one of the banks at least. In addition, I believe the ANZ loan's interest can be capitalised over three years, which buys QHL more time to pull in the extra contracts, revenue and cashflow . Yes there's another facility on top of these at a much higher interest rate as you mention, but I would think that would only be drawn down in exceptional circumstances or perhaps at a time they have the cashflow to support it - as it needs to be drawn down in 1 mill increments.
Cheers.....