from what I understand, the security (like mortgage) for the initial $15M facility was capped at 5% of total equity. This resolution is to approve the cap to the security will be $10M, despite the credit facility has been utilised to $20M.
From the 1Q update, it seems like there will be 2 trenches of receipts from IVC of $10M each, straddling between 2Q and 3Q. In the meantime, Ben had also indicated that the credit facilities from DB and NO will be paid down slightly. (I would treat it like an overdraft facility at prime rate).
from what I understand, the security (like mortgage) for the...
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