Hey guys,
I would really appreciate if anyone could help me clarify some things shown in the 31 December half yearly and the investor presentation for the capital raising. My questions are:
1) Why is the company's borrowings of $191.7m not appearing as part of 'non-current liabilities' in the pro forma balance sheet? I thought $8.4m is current and the remaining $183.3m is non-current. Does this mean covenants have been breached, even though it says the leverage covenants have been waived until June 2021. I wonder if it is to do with the new covenant requiring at least $100m of liquidity.
2) Secondly, how has non-current assets increased by $39.3m to $973m?
Below is an excerpt from the FY19 Annual Report for more clarity regarding the borrowings maturities:
If anyone could answer these questions I would really appreciate it, otherwise I plan on contacting the company. I think these changes are too material to be ignored. They are happy to give us a pro forma EV / LTM EBITDA figure, but not provide the slightest info on these changes. I wonder if the 1st question I made is just them failing to make it clear enough. Not the best look.
Happy to clarify anything if needed, thank you!
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