"Pla didn't have debt when it went into voluntary administration"
But it did hock itself to Macquarie for $10 million!
I quote from PLA announcement of 2nd September 2011.
"Platinum Australia Limited (“PLA”) is pleased to advise it has now signed the agreement, details of which were announced on 30 June 2011, for the provision of a new $10 million Working Capital Facility (“the Facility”) with Macquarie Bank Limited (“MBL”). The Facility is repayable by 30 June 2013, with no penalty for early repayment and carries an interest rate of Bank Bill Swap Rate (“BBSW”) plus 4.5% per annum, plus an Undrawn Line Fee of 2.5%.
The Facility is secured by a floating charge over the assets of PLA.
PLA will also issue MBL with 15 million options exercisable at $0.30 per share, with an expiry date of 30 June 2013".
PLA Price at posting:
6.7¢ Sentiment: None Disclosure: Held
