Ann: Release of Audited Financial Statements, page-5

the fin statements were complete a month ago, the only issue raised by the auditors was the financing of the bonds. there is no other accounting or auditing work to be done.

simply they can’t meet their debts when due currently. Once they sign the new finance agreements, the auditors would sign off.

saying finance is secure is different to having signed agreements. They need signed agreements.

I’d say this issue will make TER sign up with the existing bond holders as they need it NOW and can’t keep waiting for ‘new’ incoming financiers.

I said it before, poor management as they’ve had 12 months to resolve these bonds.