Nothing here we don't already know, funding structure was...

Nothing here we don't already know, funding structure was hammered out 6 months ago before they sought regulatory approval, Freedom needs to stump up 15% of the price tag. The problem is now Freedom has swung from positive to negative EBITDA with no more new sales, and that $18m cash now sits dangerous close to $10m, I don't think they'll need equity raising if this deal executed today, but if EBITDA does not improve they'll need to sell Spectrum, I would like to see the new management negotiate a reduction in price tag in light of life insurance companies selling at increasing discount in last few months, a $5m reduction is pocket change for BOQ but may mean avoiding another few months for potential equity raising.