What about the $40m term deposit, the $24m cash at bank, and the...

What about the $40m term deposit, the $24m cash at bank, and the $25m of inventories as at 30 June. $68m of borrowings which I assume is the drawdown against the $81m ANZ Facility. Cost of Facility at 5% is a bit over $4m a year so not a huge burden. COK won't want to spend their own cash as that earmarked for expansion and Plan B support for operating cash flows. But they could pay out of their own cash if they had to, but that would stop capital expansion.

It's all a hassle but not material. I suspect they'll hit the tin with some cash, and come up with a new ANZ Facility at a lower level around $50m to keep the bankers happy. Or find a new banker, or get the big 3 shareholders to underwrite a bank guarantee against the new Facility.