Statseeker Loan Repayment - will it hinder growth? In the first 2 years Statseeker paid back what seems to be $2.5million to Bank West (see the 2014 Financial report and recent announcements). In addition it was funded by $1.2 million in equity and $1M in debt from each of the shareholders. This subordinated loan increased $250K to $1.25 million each in the next year to fund growth and has increased with interest payments that were accrued. Recently it was stated that this would start to be paid back.
Since this is payable after the BW loan was paid out but "no later than 2 September 2018" it looks like Statseeker needs to pay out another $2.5 million in Debt over 2 years. Cannot see how the forward looking estimates of $5m NPAT by 2017 is going to happen now. Would be good to know management/boards revised plans in this environment. Looks like more of the same....
TCN Price at posting:
6.3¢ Sentiment: Sell Disclosure: Not Held
