Ann: Revised Payment Arrangements with DIAsource Vendors, page-158

Apologize dubspec. Was a bit quick with the finger last night and recognize that you have put in good effort in your research.

You made a point that ADO looked on the brink with cash flows. Just after the take over, I modelled a cash flow over the 4 year loan (assuming a 25%p.a. EBIT increase (revenues and better gross margins). Looked manageable for the first 2 years albeit restrictive for growth, but started to take off through the third year.
I felt comfortable with this until the Earn Out date was officially noted (previously shown to be for the calendar years 2016-2017). I sent an email to ADO about my concern but had no reply (later noted in the 2016 Financial Reports).

Leads you to the Liquidity Event. I was under the impression that the vendor debt was to be extinguished so as to get the strangle-hold off DIAsource cash flows and let it expand. ADO is still in the mix, albeit in a lesser position but still maintaining its original objectives. But this now worries me :
"review the Anteo technology and is exploring alternatives around structuring the business
to best deliver on that technology.”
Ref : 13th July ASX announcement



NB. From the 3rd installment, interest is payable in cash on the whole of the outstanding debt.