It was quite a clear announcement from SGH, today. So, too, the following observation which suggests that more support funding has been provided /required:
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"Shareholders should note that the Company is continuing to operate due to the direct financial support of its senior lenders, including the provision of incremental super senior funding. The Board believes that there are no feasible alternatives to reduce the Company’s secured debt."
The BOD's concern for the effect of a possible "no" vote has also been spelt out in quite blunt language:
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"If the resolution required to implement the Recapitalisation is not successful at the upcoming AGM, the Board will be placed in a position where it will have to re-assess the solvency of the Company, as its level of debt will be unsustainable."
SGH Price at posting:
4.6¢ Sentiment: Sell Disclosure: Not Held
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