see attached covenant conditions. Net debt cannot exceed 1.5:1 EBITDA on a quarterly basis. Net debt is 178M/4 = 44.5m less cash on hand @ 30th June 31.5m = 13m / 1.5 =9 M EBITDA required on a quarterly basis.
if you take 178m less 31m you get 148M/4 = 37m/1.5 = 24.5M EBITDA. I suspect it's first calculation that is relevant as they would have already breached covenant back in 2018 and we have already a disclosure saying loan note holders were happy in 2018 - so I think the $9M EBITDA target is good and achievable IMO.
Lithium & The Future, page-4375
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