"For the 6 months when the banks were getting statements and SGH...

"For the 6 months when the banks were getting statements and SGH was "meeting budget" but telling holders nothing this rule would mean everyone gets the same information."

Very true, but quarterly statements wouldn't mean much unless the auditors gave a sign-off, and that would mean delay.

The banks were likely receiving extracts from the monthly management accounts - unaudited of course.

Banks have some advantages over us mug punters, number one being they're usually in a position to see what the cash flow is, as the borrower company will be banking with one or more of the banks in the syndicate.