Oztrader you seem pretty quick to jump to extremes re 'the party...

Oztrader you seem pretty quick to jump to extremes re 'the party is well and truly over'. Crowd has not owned track for a year yet. They are still digesting the acquisition IMO.

Personally, the debt re-finance, whilst positive, is not the issue I am looking for clarity on.
I am interested in confirmation of june earn out payment being paid out of free cash flow and June quarter Revenue/EBITDA numbers improving moderately when compared to Q3.

If 2nd earn out is paid out of free cash flow, and revenue/ebitda numbers are improving gradually from here, then it paints a pretty compelling picture of what sort of cash the business can spin. In 8 months as a combined entity, Crowd would have paid 6.8m in earn outs as well as expand the business in terms of staff and markets. That sounds like progress to me, all beit not currently reflected on SP. At that rate, debt would be re-paid in 3-4 years easily.

IMO June quarter trading update should (I hope) validate that Track digestion is close to complete so that the company can start focusing on knocking down the debt from next month onwards.

All in my opinion of course.