"Mr Floate had arranged new finance for the City Beach property that could cut interest costs by $56,000 a month". How much interest is he paying and where is he getting the cash to pay it? Why was he borrowing $7m for a $5.6m property?
I know a director's personal life doesn't normally impact a company but, it is nice to know if he can support his commitments or if he will be selling shares to fund it. Positive news I guess is that he will be saving $56,000 a month or $672,000 a year.
It's just the beginning for Spenda!, page-2054
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