RE:RE:RE:RE:RE:RE:RE:RE:Easy 20%+ yearly return on the debenturesThe financial report just came out for Q2 and supports that the jan 2022 debentures are safe:
The Company expects to be able to meet all of its obligations as they become due utilizing some or all of the following sources of liquidity: (i) cash on hand of $29,176, (ii) cash flow generated from operations, (iii) credit facilities, under which $23,311 was available as at June 30, 2021, (iv) property specific mortgages and refinancings, (v) strategic sale of assets, (vi) issuance of preferred shares, (vii) issuance of convertible debentures, (viii) issuance of common shares, subject to market conditions, and (ix) alternative financing sources.
The cash total is down a bit, but they paid the $10M Magnetar credit facility. Without that payment, they would have had $39M in cash. The availability under credit facilities has increased. In total, the available cash on hand + credit facilities available is $52.4M, more than the debentures coming up. As well, they had adjusted funds from operation of $9.3M for the quarter. Positive adjusted funds from operations are also expected in Q3 and Q4, further securing the repayment of the debentures.