Ann: Update on Track earn-out payments and debt restructure, page-3

Excellent announcement. Earn-out to be paid part in January $3.1M AUD, part in June $3.9M AUD. This gives certainty as to timing, and should allow the business to make the June payment from operating cashflows without need for additional debt or equity causing dilution.

The restructure of debt is also a great win, which effectively reduces the cost of borrowings from the higher yielding vendor debt to relatively lower yielding European bank facility. This is very prudent in the short term, and in the mid term I have no doubt they will seek to refinance the whole debt load to a new facility that yields sub-10%. They can't do this until they can provide banks audited accounts for due diligence, so we must wait until that is possible.

Very happy with the certainty provided around the earn-out and debt and how they have handled this. Now these distractions are dealt with I have no doubt the attention will firmly move towards the core of the business and driving growth