External Administration, page-26

Yes that’s correct. It couldn’t be further from an amicable business relationship.

And the new funding was intended to be comprised of circa 10% equity capital and 90% debt capital so minimal dilution.

This announcement hit me for 6 like everyone else.. But I don’t think it’s straight forward and will be very interesting to see how it plays out. The business had no issue meeting the interest repayments. It’s solvent in that respect. The issue is the lump sum repayment of the full facility. If the intended refinance occurs, this will be a non event.

The real issue is if the new funder has pulled the pin for whatever reason.. time will tell.