Was TAM really borrowing at a finance cost including fees of about 21%?
$5.3m interest and finance costs against $26m ave interest bearing liabilities is 20.3% - so 21% sounds about right. The way the finance was explained the author of the annual report seemed very embarrassed about it - as it was incomprehensible.
That was very expensive finance. At least somebody has been making money.
Any other crazy bad stuff anybody is happy to point out?
cheers
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