AFJ affinity education group limited

affinity education: net current liability

  1. 4 Posts.
    My interpretation of the Affinity prospectus is that the pro forma balance sheet would have a net current liability of approx $0.288k.

    Today this liability was described in the ASX release as "The Company was in a net current liability position of $2.5m at 31 December 2013"; and on page two of the preliminary final report "As at 31 December 2013 the company had a deficiency of net current assets of $2.2 million".

    (As an aside, following each of these comments the market was reminded that Affinity has a $7.0 million undrawn overdraft facility with CBA.)

    This information was presented prominently, but on my reading, I didn't see it compared with the prospectus.

    Have I misinterpreted the prospectus?
 
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