IMO it is important if trading, but considering SSN suspended it may not be. Filed with SEC May 24th (so our 25th). ASX disclosure and governance is weak as yellowish fluids.
"On May 18, 2018, the Company and the Bank entered into a Second Amendment of the Agreement (the “Second Amendment”), which further increased the Forbearance Fee to $238,697 and, subject to certain conditions, extended the Forbearance Period until June 30, 2018 (the “Forbearance Termination Date”). Those conditions included the Company’s receipt of the proceeds of a $1,000,000 subordinated loan on or before May 21, 2018, and its entry into a definitive purchase and sale agreement for the sale of substantially all of its assets prior to May 29, 2018, with the closing of such transaction to occur by June 28, 2018. The Second Amendment also eliminated the Company’s option to extend the Forbearance Period by entering into a commitment with a third-party to refinance the Company’s obligations to the Bank."
"Because the Company did not receive a $1,000,000 loan by May 21, 2018 as required by the Second Amendment, the Agreement, as amended by the First Amendment and the Second Amendment, no longer provides any forbearance or similar relief to the Company. The Bank has been informed that the Company did not obtain the loan. The Company continues to explore all reasonable means to raise the funds necessary to repay the Bank in full, including but not limited to discussions with various potential buyers aimed at a sale of all or substantially all of its assets. There is no assurance, however, that the Company’s efforts will be successful or that the Bank will not elect to exercise some or all of its remedies for the Company’s breach under the January 27, 2014 Credit Agreement between the Company and the Bank for the loan facility, as it has been amended from time to time, before the Company’s efforts reach fruition."
Tick Tock goes the clock ... not much time to get anything sorted. Classic "distressed company" now forced to sell asset.
