Indeed. I was initially a little p*ssed at the decision and the optics against recent news. Gladly a good friend kindly referred me back to a not so recent post about the Macquarie funding that referred to managing the 'waterfall' accounts to demonstrate sufficient cash flow (and cash on hand) to repay the loan facility.
it is wholly likely that, despite cash in bank and being cash generative, we do not have enough to meet the loan covenants around liquidity. This gives you a choice, down tools on expansion works until you generate sufficient liquidity to self fund, or make a small raise and make hay whilst the sun shines.
ATB
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