that info pretty much confirms that UNS is Insolvent.
I guess the legals at UNS have considered the term "insolvent", and decided that UNS is not insolvent, because it may be able to access cash from Orbimed or the ATM - but in practical terms UNS is insolvent.
not paying all sorts of day to day creditors.
absolutely "userous" loan terms.
CEO being forced to take 100% pay cut (even having to take a bus to work!)
mgt also taking 50% cut
Lender placing 2 Reps at all board meetings
interest rate and fees hike
Royalty payments which I reckon will be a millstone around the neck of UNS. it will also adversely affect any proposed sale of coy or business I reckon,
notification that ATM and Orbimed facilties may not be provided ie at discretion of funder
breach of covenants continuing
sales goal covenant way way behind, and certainly will not be met.
as well all can see, if no deal from MS work, then we have all done our money imho.
I don't for a minute profess to understand all of this, but the quick read made my jaw drop.
unbelievable
the placement by lender of Reps at Board meetings is remarkable, on all sorts of counts.
That is defacto "Administrators".
They are NOT Directors.
I can say, that in Aust, the placement of those guys at Board meetings opens up a can of worms.
they could be classified as "shadow directors".
what sort of conflict of interest would they have??
would/could they be liable under an insolvency?
what a mess
anyway, the best of luck to us all
UNS Price at posting:
25.0¢ Sentiment: None Disclosure: Held
