Lets look at exactly what was said shall we .........
From the Annual Report ending 31/12/22.
BTW I have highlighted the amended agreement to EXPAND eligibility on the 29/12/22. Why would they do that?
You can also see that the proviso is for the Financial year, which like the 22 year for SPT ends in December 23. It is no secret that they need to increase income.
As far as accelerating debt repayment .........
Only being compelled to pay down debt if the covenants are breached. They haven't been breached. If they were it would have been announced.
This is what actually happened ........ From the Q1 Cash Flow Report .......
Repaying a revolving line of credit early when you have the funds in order to reduce interest payments is good business practice. The inflow of funds is not a draw down - it is the cyclical nature of the funds.
You can see from the Cash Flow Statement ......
It clearly shows Proceeds from borrowings and Repayment of borrowings. You have it the wrong way round. The money comes in from a strong quarter and you use it to pay down debt that is not required.
Now we are waiting for the next Cash Flow Statement from the quarter just closed.
For myself I am looking for an increase in NTM %, and increase in MSV and an increase in revenue this quarter over PCP and hopefully las quarter as well.
Hopefully before the presentation of the results we get news on Google having been implemented - but we will see.
