Cant remember whether I posted this before.So far the management...

Cant remember whether I posted this before.

So far the management has demonstrated restraint in borrowing money and only take loans when necessary. Out of the first 20M, 5M was used to repay existing debt. Second 20M, 13M to repay existing loan.

A key term in renegotiating off take agreement with Burwill that now we start to appreciate, is to delay prepayment of some 10M till much later. This is interest free loan. Delay will ease a lot of pressure on shortterm cashflow.

Overall it’s good financing practice, as compared to a borrow-as-much-as-you-can approach.