Indeed. Though I would say that, if they reach these levels, there would be scope for a CR to increase capacity. Unfortunately, I doubt very much that i) the cost of funds is 9%, and ii) that they could ramp this up in less than 6 months. A DW was clearly a necessary step. But, and without being dramatic, I think that is where the problem lies. Time vs overhead. Now there is always a probability that they land something big such as Capricorn, that would deliver a step change. Only insiders can rely on that...
Ann: Spenda secures $50m debt warehouse facility, page-95
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