Turn Around, page-38

Well here we are...I was thinking mezz debt providers might want a bit of protection but am a bit surprised its $45m plus $20m equity. I would have thought $25m mezz plus $20m equity was sufficient given the FCF being generated (my numbers suggest <65% D/Assets at June 19 with this kind of support). I suspect the additional funds are for growth. Am a little concerned that the application of AASB9 seems to be pushing provisions in place for all new contracts which will deaden profitability for the next couple of years until earnings stability can be proved to the auditors. gogetta appears to performing well. IMO there is the smallest hint of a trade sale in the commentary which would help speed up the overall strategy. unfortunately this remains a fingers crossed hold on tight holding.