RE: Breach of covenants4 Dec 2019 15:12
· Cash balance as at 30 June 2019 of US$26.3 million (Q3: US$29.9 million) after the first capital repayment to ABSA of US$1.9 million, following an 18 month capital grace period which came to an end on 30 June 2019, which reduced the outstanding loan balance to US$65.9 million (Q3: US$67.8 million); and
· Waiver received from ABSA Bank Limited ("ABSA") for certain of its covenants measured as at 30 June 2019 in terms of the US$82.4 million Senior Secured Term Facility Agreement.