Soap Box, page-357

NAB debt is easily serviceable if they happen to utilise it to capacity. Over the term period which I believe is 12 months interest only repayments and 4 year annuity. On that basis of the $19.2m guaranteed contracted value, it would only be roughly less than 1-2% Capex based on interest only 5% capex in FY26 onwards (less so if/when sales increase), which with increasing production and increasing margins is easily serviced.

And in my opinion, given the historical downfalls of Aus cannabis companies being able to repay substantial debts, Nan must have put forward a very safe investment proposition to them to allow this to come through. Given that at the time of the capital raise she indicated that there wasn’t the approvals to do so despite enquiries.

Also that these are facility/ infrastructure based loans, it only builds equity in the land/property value which one would assume the loan is asset backed. So a safe play for both parties in my opinion. And required given the accelerated expansion plans on the table.