Ann: UBS Conference Investor Presentation and Trading Update, page-4

Probably the prospect of the former is my guess.

The company will need to draw down another $100mil of debt to help pay for the Grant Broadcasters deal.

HT1 hasnt paid off any of their current (admittedly small) debt and surprisingly, paid $1mil in interest last year. Instead the company opted to pay small dividends and complete share buybacks which only helped to slow the long term sp decline.

Given $10mil of last years income was from Jobkeeper and 2022 is shaping up to be carnage (imho), the likliehood of paying off that big chunk of dept anytime soon is unlikely unless they can find some large assets to flog.