I hadn't heard of this company until a couple of weeks ago. Spent a rainy day going through recent accounts.
My thoughts:
- Reporting after the market closed on 31 August shows that the company was under some sort of pressure, presumably re funding, given the deficit in NTA etc
- There would have been an audit comment re going concern without the capital raising
- Details yet to be officially announced but press reports indicate $30-$35m to be raised
- On those figures, Alceon will put in $10.76-$12.55m
- Alceon are owed $11m re Ezibuy sale plus the repayment of a loan to Ezibuy of $6.5m per note 28 which becomes due on the date that the $11m is paid. So Alceon could receive $17.5m from the proceeds of the capital raising, leaving the balance (less costs) for the trade payables
- That doesn't look as though it will make a significant difference with payables approaching $200m
- Noteholders will be in the driving seat
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Ann: Suspension from Official Quotation, page-7
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