I don't find the security requirement a concern. To be honest I don't think a Bank would provide this level of debt without a fixed and floating charge over all assets.
In a realisation position the Bank would get its money first, however the net asset position is reasonable so we would still have a reasonable probability of getting our investment back.
At the end of the day the company is profitable so this is a real worst case scenario anyway.
NAM Price at posting:
33.5¢ Sentiment: Buy Disclosure: Held