Spectur Limited (ASX: SP3), a solar security and visual AI solutions company, has successfully decreased its outstanding debt owed to EGP Capital from AU$500 k to AU$250 k. The EGP Capital Loan, expiring on December 31, 2024, provides Spectur the flexibility to repay the debt at any time or convert the balance to shares at a 20% discount to the 30-day volume weighted average price. Spectur has opted to pay down the loan with available cash, forgoing the option to repay in shares.
Despite having approval to repay AU$250 k through share issuance, Spectur's directors are confident in the company's working capital position and ability to manage the debt with existing resources. Managing Director Gerard Dyson expressed optimism about Spectur's prospects, emphasizing the focus on profitable growth in 2024 with reduced outstanding debt. Spectur specializes in solar-powered surveillance solutions, catering to industries like government, utilities, construction, and civil sectors, positioning itself for market dominance in Australia's government and utilities sector.
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