Yes they had the debt facility, but didn't draw on it. The...

Yes they had the debt facility, but didn't draw on it. The interest rate was actually less than the Blackrock facility. I don't know the reasons why they didn't want to use this facility - the fact is they didn't - but pursued another loan which took time. They only used the small Directors loan & had a minimal cash balance. It certainly would have impacted their ability to expand.

Certainly wholesale prices didn't go down 25%, there are network costs which also went down, combined still not 25%. I suppose they reported the main reasons & omitted the other contributing factors.

Can't see them quoting contract length terms if they are not correct. The also revise these from time to time eg 7.5 to 7.2 yrs (from memory might be slightly out). The Directors are legally responsible for the accuracy of what they report.