I don't see anyone lending them any more money except on very punitive terms.
Any lender would consider the balance sheet and quality of management.
Dot points from Risk analyst would be .
- Trading for eight years with increasing losses each year.
- Management underperformance despite listing earlier than APT left standing at the Alter.
- Organic growth limited and growth funded by increasing debts and shareholder dilution.
- 500 million of debt in convertible notes
- Numerous loss making divisions that require ongoing capital injection
- Declining share price resulting in more difficult environment to recover funds from short selling.
- Balance sheet with less than 50 cents per share in tangible assets.
- Unable to offer tangible security for loan.
- increasing bond yields offering gauranteed returns now a viable alternative.
- Regulatory Risk.
- Underperformance in UK highlights risk in entering new territories.
- increased competitive landscape
- Inflationary pressures on consumer household budget.
- Increasing arrears trend to unacceptable level of income
- Rising interest rates in developed territories indicating margin pressure on loan book.
Would you lend money to this company. ?
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