AJX held $6.4m in cash and cash equivalents at the end of 1Q CY17 comprising $3.3m in cash and $3.1m in call deposits. We expect AJX’s cash balance to increase in 2Q CY17 given the receipt of revenue was delayed (despite costs being incurred) and contracts continue to ramp up. We note that AJX has utilized 97% of its existing financing facility or $7.2m, however, it has another US$5m facility it can utilize.
