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FSA GROUP LIMITED — Capital/Financing Update 2009
Dec 9, 2009
64948_rns_2009-12-09_5f8b7897-9cdd-41a6-a33b-003ad0f0fe7e.pdf
Capital/Financing Update
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FSA GROUP LIMITED
10 December 2009
Factoring Facility Renewed and Increased to $15m
FSA Group’s limited-recourse factoring finance funding facility has been increased from $10 million to $15 million and renewed by Westpac Banking Corporation for a further term until December 2011. This facility increase will enable FSA Group to continue the growth of its factoring finance lending activities to its small business clients.
The outstanding loan pool for factoring finance at the end of November was $8.3 million.
The key strengths of the factoring finance loan pool are as follows:
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Average loan size - $180,000
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LVR of 59% - i.e. assigned trade receivables of $14.1 million
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All trade receivables are credit insured
On behalf of the Board D P Cornish Joint Company Secretary
FSA Group Limited Head Office Level 3, 70 Phillip Street Sydney, NSW, 2000
Phone: (1300) 660 032 Fax: (1300) 660 050 [email protected]
ASX Code: FSA