So they need a $20m equity raise for that mezzanine debt!...

So they need a $20m equity raise for that mezzanine debt! Surprise!!! Before 30/4/19 by the looks.

They are making positive noises about GG, but they aren't doing themselves any favours by not providing aged debtors, even if they didn't provide that in the PCP either. Does the market really have that much trust in management? Are they still writing off bad debts at 90 days? Doesn't say.

Debt ratio now 81.1%. Has crept up from 79% at the FY. To get back to a more conservative ratio of 70% they need $50.5m equity capital by the looks. So I guess they will raise $20m equity, and then take the 45m mezza, and not have a conservative balance sheet.

Good luck to holders. At least receipts and net receipts have held up a bit, and FCF was positive $40m ish.