I have no angle and I'm not making any of those numbers up. They are all collated from public information. I post them here only to ask if I am missing something!
AYS has never had any debt since IPO. But the vast majority of the $207m raised was used to pay the vendors ($194.2m). Leaving Amaysim with not much cash in the bank.
That wasn't a problem if Amaysim had simply continued operating as is. For FY15 they generated $18m in free cash. But they went and bought Vaya which requires total outgoing cash of $55m.
Borrowing a small amount like $5-10m is not a big deal. In theory Amaysim could pay that off within a year or two.
The risk is that all of this assumes business as usual and the market is very competitive right now so there's not a lot of predictability.
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