Before the sale, they had a loon book of $11.2mio and a debt of $14mio. After the sale, that is a net $2.8mio reduction in cash, to $4.3mio. But that cash is now unrestricted. Before the sale, a total of $5.2mio of the $7.2mio cash reported in the 4C was tied to the warehouse. So the free cash situation improved from $2mio to $4.3mio. Then they will receive $2mio from Grapple in multiple instalments.
That Sydney Beer receivable may have been part of the transfer, and if so that's priced into the payoff. Not sure.
SPX Price at posting:
0.7¢ Sentiment: Sell Disclosure: Held
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