I interpret it that they wll need all tranches (ie full $60M) of...

I interpret it that they wll need all tranches (ie full $60M) of the debt facility to reach break even , and they will take it in $20 Million tranches.

"The US$~$9.5m of cash on the debt-free balance sheet today, combined with the incremental US$20m available under this facility today is currently expected to accommodate the Company’s cash requirements to breakeven. ..... The Company structured the agreement in tranches to avoid the payment of commitment fees on capital for which it has no short term use."

I think the dividends have been paid upfront as preference shares:
- 220 Million now vs 117 Miilion in the 3/10/14 release.
Doesnt really matter . They have just brought forward their obligation at no cash cost.