Ann: Appointment of Voluntary Administrators, page-191

The R&D Tax Cash Rebate was recieved in the month of December for the last years. Then November and October, in the 2 years preceding that.

I recall they have borrowed against it previously. Repaying the loan on receipt of the rebate.

I am starting to think the decision of RT not wanting re-negotiate the CN, was both late & unexpected. And which might explain why they only raised $1.85 mil for the strategic review period.

Any M&A deal they may have, probably requires the IP being unencumbered?

Borrowing against the R&D Tax Cash Rebate again, might be part of their forward strategy?