The consequences of a weaker residential market are flowing through the economy, as the latest results of the listed valuation firm show.
– on December 31 breached its covenant on a $1.85 million loan and overdraft facility with Westpac.
Further, Acumentis said it was also subject to a repayment request for $1.1 million by its cyber insurer, which paid out $3.1 million after the 2019 attacks, but that it had rejected the request and was challenging the insurer’s proposition. The company did not say how much it needed to raise, but said that after a debt and capital restructure and repayment of the commercial bank loan, it would have an increased banking facility available.
“This reflects both the continuing soft market conditions as well as the normal cyclical slowdown in the lead up to Christmas,” Acumentis said.
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