Australia's largest stock trading and investment forum Australia's #1 stock forum

OPY

Click for more information

0.00%

19.5¢ openpay group ltd

The reason that they could no longer trade was a covenant breach...

First 86 Last

Share
Profile

Follow
prosperity

9,204 Posts.

860

07/02/23

08:10

Post #: 66108485
Share

Originally posted by Tekvest: ↑

The Receivers been appointed by the company's directors, for the reason that the directors became aware that the company couldn't longer trade. The Receiver's job now is to determine whether the business can resume/continue to trade, can be sold or needs to be wound up. They will announce the result in due course. As there is nothing else in the business other than receivables and it is critical that they are collected upon, you would expect they would be the prime focus.

Expand

The reason that they could no longer trade was a covenant breach of a security relating to OP Fiduciary. They had plenty of available funding, but drawing on it to pay off the covenant breach would have likely breached other covenants so they decided to cease trading. They'll be searching for a replacement funder or extended maturity dates to continue trading Openpay. At the same time, they'll put the business up for sale. If there are no takers, it is likely they'll trade for a short time and then liquidate.

OPY Price at posting: 19.5¢ Sentiment: None Disclosure: Held
Upvote

0 Great analysis

Reply

There are more pages in this discussion • 51 more messages in this thread...

First 86 Last

Add OPY (ASX) to my watchlist