Thanks to Jadel, Marcom, Simgrund and others. Talk about manoeuvres, twists and turns.
A colleague once told me of an incident that took place when he was stationed in the Antarctic. As a gesture of goodwill for the new year some Europeans arrived in a Sikorsky to partake in the festivities. As there was not a lot of vodka on hand they ingeniously turned to making their own sup, straining Avgas through hollowed loaves. As the party wound up they boarded the chopper to return to their base, some distance away. The craft lurched and rolled until some height was reached, then flipped on its side and sped off with its rotor blades some 90° to the ground. They survived!
Well if that pilot thought he was the best, then I guess he is not a PIFFY.
The twists and turns taken by our crowd far outdoes his, for sure.
Well Jadel this is part of what I was referring to, the June 2008 Annual Report.
Since the end of the financial year, the bank debt, which had been incurred by the previous directors and which carried with it the threat of liquidation, has been repaid (see Note 14). Accordingly, the threat of receivership from this source has been extinguished.
To enable the repayment of the bank debt, the fund has entered into a new finance facility with a non-bank financial institution. The terms of that facility are as follows:
Approved facility. $20 million
Amount drawn at the date of this report. $9.4 million
Interest Rate. 20% pa
Maturity Date. 30 November 2008
Security: A fixed and floating charge over all the assets of the Fund
As at the date of this report, the directors are confident that the Fund will be able to pay the amount drawn down on the facility by maturity date. However, this is dependent on receiving sufficient cash inflow from the sale, or refinancing, of assets expected to occur before the maturity date.
quod erat demonstrandum
OCV
octaviar limited
