Well done......, page-9

There is always an element of risk that a small co must take. But the upfront components were pretty poor.

If we were really going CF positive first quarter as per GC comments a more standard debt facility albeit with high interest could have been a possibility. I have a feeling the confidence in the numbers and FCF wasn't there with prospective financiers. Earn outs, requirement for expansion capital and integration risk wouldn't look good for the Co's ability to debt service. I think they knew they would struggle to raise elsewhere.