Easy there noobtwd, being a little precious about an industry that has shown themselves on numerous occasions to be inept. ...... time for them to pull on their big boy pants....
The notes to the accounts are supposed to be read in their entirety as you would well know, and all notes contained are relevant to the readers understanding of the information therein contained.
I stand by my call that note 18 highlights potential risk for investors come 30 September given the company's lack of ability to meet the covenant.
The company needs to explicitly state in my view, as to whether discussions with lenders have addressed the looming potential breach, or if they have not, as is reasonable to assume given there has been no comment around this matter, they need to advise what remedies they will take to avoid the breach, or what penalties may be payable under their debt agreements.
I suppose we will know more in a few weeks either way...
AJM Price at posting:
24.0¢ Sentiment: Sell Disclosure: Not Held
