Ann: Trading Halt, page-84

I’ve had a think and I’d be quite surprised if NAB wasn’t willing to increase the 2mil facility. I have suspicion that Nan wasn’t entirely truthful in her response in the seminar surrounding “were any other options sought for funding e.g. expanding the 2 mil facility”.

I understand that Cann and others in the sector have burnt them, but they have tens of millions in signed future cash flows. NAB or any other Aussie bank is willing to lend $1mil to someone on a 100k salary to purchase a house… the math does not add up here. They only needed to add another 1-2.5mil. I spoke to someone regarding this and looking at their financial said that any Aus bank would’ve happily lent over $5mil based on past and future cash flow, especially given they are using the cash to generate increased future cash flows. In his opinion, he doubts they approached any banks.

Having thought it over, I don’t know how I can trust Nan and the board, if my suspicions are true and they are infact not being truthful to their investors. If we are going to get burnt once, who says it wouldn’t happen again…