Ann: Blue Sky H1 FY19 Results Update, page-68

You are missing the point, the cash is disappearing and there is nothing material to show for it.

The oaktree loan shouldn't impact the NTA because if you have a 50mil loan, you also then have 49mil in cash as well.

Further why do the investment funds need an extra 13.8 million dollars - each fund should be able to stand on its own merits.   If they need money to do things then these items should be addressed in the investment case and allocated when raising capital.

But the most important thing that you missed and this is material - they have advised the market that they cannot meet the loan repayment terms agreed to in November.   Stop for one second and think about that - they agreed to commercial terms in November and here we are 4 months later and they are advising that they cannot make the interest payments - there is 50million in the bank and they are concerned they cannot meet the interest repayments.

Something is going materially wrong here and if your a holder, I wish you good luck.   They might come out the otherside, but they might go bankrupt as well.