This really is the last roll of the dice. Page 44 of the recent Annual Report says so.
"As at 30 June 2022, the Group’s working capital facilities comprised
a $41.8 million multi-option loan facility expiring 31 August 2023. As at
30 June 2022, the Group had drawn down $39.5 million under these
facilities.
On 30 August 2022, the Group successfully negotiated and entered
into an amended facility agreement, comprising an increased total
facility limit of $53.2 million expiring 31 August 2023. The amended
terms included certain stepped reductions in the facility limit totaling
$16 million over the period to 31 December 2022 (“Debt Amortisation
Payments”) and a requirement to return rental bank guarantees of $1.1
million to the bank by 30 November 2022. The amended facility terms
were negotiated after review of the Capital Management Plan (as
described below) by the Group’s bankers."
"The timing of the planned capital raise (summarised below) has
required the Group to seek further amendments to the above terms,
including extension of the first Debt Amortisation Payment, which was
due on 30 September 2022. On 29 September 2022 the Group’s
bankers agreed to remove certain undertakings and to vary the
terms of the Debt Amortisation Payments such that the Group is
required to repay $8 million, or the amount of the net proceeds from
the Institutional Placement outlined below if less than $8 million, by
31 October 2022. Any difference between the net proceeds from
the Institutional Placement and $8 million referred to above plus a
further $8 million is required to be paid by 30 November 2022, the
timing aligned to the expected proceeds from the Entitlement Offer"
"the Group has initiated plans to undertake
a fully/partially underwritten capital raise, comprising an Institutional
Placement and Entitlement Offer targeting to raise at least $25 million
to raise sufficient funds for the purposes outlined in the paragraph
above.
In summary, having considered the foregoing matters, the Directors
believe that the Group will continue as a going concern.
However, if the Group is unable to successfully complete the Capital
Management Plan as described above and generate sufficient cash
flows from operations, meet debt repayment requirements and
successfully renegotiate (during the period to 31 August 2023) its bank
facilities, a material uncertainty would exist in relation to the Group’s
ability to continue as a going concern and, therefore, whether it would
be required to realise its assets and extinguish its liabilities other than
in the normal course of business and at amounts different to those
stated in the financial statements."
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Ann: Investor Presentation, page-3
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