Wow! The Agency is amazing at spinning crap. ASX Announcement -...

Wow! The Agency is amazing at spinning crap.

ASX Announcement - 29 October 2020
"Commenting on the new funding package, The Agency Managing Director, Paul Niardone, said: “While we received and reviewed a range of financing options, following a review of these by the board and its advisors we believe we have secured an outcome that provides the most optimal financial framework to fund our long-term growth plans. “The Agency Group will have greater funding certainty across its business and an improved cash position going forward.” In early 2020 The Agency appointed BDO to advise on the optimal debt and equity structure for the company and to assist the board review the financing options presented. The positive findings of the recently completed BDO report, together with an independent valuation of the company’s assets, assisted the board to determine the most optimal funding package to fund its future growth.

Nexia Report
Question: Commented on other financing options referred to in Agency’s ASXannouncement on 29 October 2020

Nexia response: Regarding management’s comments on 29 October 2020 (“While we received andreviewed a range of financing options, following a review of these by the board and itsadvisors we believe we have secured an outcome that provides the most optimal financialframework to fund our long-term growth plans.”), management confirmed to us that noneof these financing options were in a position to move forward as viable options andtherefore were not valid alternatives to the Proposed Transaction. This was also reconfirmed with management on 23 December 2020.