Production of a new series, 72 Dangerous Animals Asia, is well underway.
The new series is due to be delivered to Netflix in mid-2018.
Acceptance by Netflix marks a significant milestone in the ongoing development of Showrunner’s reputation as a factual documentary maker.
Additional funding sourced
As a result of the upfront investment in the documentary productions, Adcorp has secured two additional funding sources for its short-term needs.
These will also help the company meet additional working capital requirements.
Invoice finance facility expanded
An invoice finance facility provided by 1st Cash Pty Ltd, trading as Thorn Trade and Debtor Finance, has been expanded.
This facility previously only applied to the company’s Debtors book but has been expanded to provide further working capital capacity as required.
The increased facility comprises two elements
- Increased advance rate on debtors ledger for an eight week period expected to generate circa $200,000 in additional funding; and
- $200,000 short term loan repayable on or before 27 April 2018.
Short-term loan secured
Adcorp has also secured a short-term $500,000 loan from Millennium Company Pty Ltd ATF The Rodwell (New Millennium) Trust.
This company is associated with Adcorp’s major shareholder and chairman Ian Rodwell.
The loan will be used if required to fund working capital and an annual interest rate of 12% applies.