I get the impression the banks will only finance HIL (for the time being at least) on a fully secured basis. With NTA value of about $57mio then the proposed $55mio facility would arguably now be above the comfort level of the banks. That is the current assets could easily need to be re-valued downwards.
My take is the negotiations with their bankers is not going very well.
Watch this space.
Ann: Hills FY16 Half Year Results, page-8
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