Mighty, what's your take?, page-47

My issue with the 'buying time' theory is the Ann said the company still expects to report prior to Monday open so they aren't really buying any time at all. I suppose the company may intend to extend the VS but this would make the Ann untrue and misleading and I don't believe the company would tell a bald lie in the current environment.

The Ann makes reference to the company's responsibility to keep the market informed of material developments, with the implication an event of material significance had occurred that necessitated either disclosure or a VS. It seems logical this event related in some way to the impairment estimate mentioned in the Ann.

I am inclined to think this material event was the submission to the BOD (by the CFO or EY) of an impairment report. The BOD refused to approve the report (e.g. because it would trigger a banking covenant) yet having received it (a material event in the context of continuous disclosure responsibility) were forced to call a VS while they endeavour to have the impairment revised.