National Australia Bank (NAB) has agreed to defer A$900k in quarterly interest and facility fees for Cann Group’s construction loan due on November 22 until a future date to be agreed.
Cann Group said the bank is also considering the deferment of the subsequent two quarterly interest and facility fee payments. NAB has already confirmed its intention not to call upon any outstanding loan balances until September 29, 2025.
Cann Group said the deferment of up to three quarters of interest payments will allow the company to accelerate its trajectory towards first EBITDA, and then cash flow, positivity.
The company said it plans to accelerate revenue growth by expanding its product offerings, pursuing export markets, optimising production costs and meeting customer demand effectively.
CEO and managing director Jenni Pilcher added: “NAB’s ongoing support has been instrumental in positioning Cann for long-term success. This partnership underscores the shared commitment to the company’s growth and operational excellence.”
Vitura Health
Vitura has passed resolutions at its 2024 annual general meeting to adopt the company’s remuneration report, approve of its amended plan and elect chair Robert Iervasi as a director.
Shane Tanner, Rebecca Wilson, Gerard Fogarty AO and Daniel Birch were also appointed as directors.
A conditional resolution relating to a spill was not put before shareholders after the first seven resolutions passed on a poll. The spill was conditional on 25% or more of votes being cast against the adoption of the remuneration report.
