Surprised no one mentions the dividend that was paid last September. At that stage cash reserves were low and the cash burn rate high, as per the Nov 22 update. The company optimistically predicted it would be cash flow positive from Jan 23 onwards. Clearly they have not been able to stem the bleeding. The writing was on the wall. In my opinion the placement should have been done last November. Obviously the accountants were going to put in the dreaded clause questioning the going concern which has brought this to a head.
Ann: Voluntary Suspension, page-30
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