Did anybody else notice (or seemingly not notice) that within this update, EOS failed to address what was contained within their last financial statement;
This is as a result of a matter that has recently been raised by a Middle East customer concerning EOS’s compliance with offset credit
obligations on a timely basis. The company and the customer are working in good faith to resolve the matter. • As part of the offset credit obligations, EOS has previously disclosed that it has issued an offset bond, guaranteed by Export Finance Australia under a bond facility agreement. The offset bond has been issued for an amount of US$16,957,000 (A$25,576,000). The offset bond is secured by a cash security deposit of US$10,504,000 (A$15,842,000) and a fixed and floating charge over the assets of the Group.
What about the outlook? Not even a single mention of the land 400 IFV program.
And now a dispute with their major lender in WHSP. Is it any wonder that Hanwha ditched EOS in favour of Elbit systems?
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