"In light of these circumstances, particularly the fact that as at the date of this report the revised covenants have not been agreed to by the lenders, there is a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and, therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business."
They did not receive an ":unconditional waiver",....they failed to forecast the breach and are now in the process of renegotiating the covenants. I am certainly not suggesting at this time that it wont happen, just that there is now financial uncertainty where there wasn't before. My experience with covenant breaches and renegotiation with banks has not been good. They have you over a barrel and will, in traditional Australian bank style, roger you blind. Remember they dont care about growth, they only care about debt service.
AQZ Price at posting:
$3.76 Sentiment: None Disclosure: Not Held
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