Further, PAN announced in September 2023 that they received $45m before costs for raise tranches. The relevant quarterly indicated over $40m cash and that about $3 of debt had been paid.
Interestingly, PAN did a raising in 2020 to pay debt and Barminco was a creditor.
You would think then that PRN, given the history and that the writing was on the proverbial, would have been up to date in collecting receivables here by the time of the administrators stepping in. Otherwise, yes, heads should roll- but they have survived in this sector for a long long time- so surely it is all good.
Forgive me if someone else has covered all this.
IMHO DYOR
Further, PAN announced in September 2023 that they received $45m...
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