I don't agree that just having a note re going concern was enough it would have been negligent had they not discussed these issues with financiers at the time of release. Merely highlighting a going concern and refinance issue is one thing. management in order to prepare the accounts in the method of a going concern must verily believe that it is a going concern. It appears from what they are now stating that it had become more than just a potential issue at the time of the release of the results. The one financier had already granted a short extension.
IMO it almost appears that they knew that there was this deadline and with a reasonable certainty they knew what the result would be if they couldn't solve this. Actually it may even get worse because you may have to go back even further to when they got the extension - did they have anybody on the table that was looking to purchase anything that would have staved off this situation. Doesn't look like anyone else was offering to buy anything.
No-one can be certain without attaching all correspondence emails etc. If I was inside my shredder both physical and computer based would be working overtime.
BBI Price at posting:
3.7¢ Sentiment: LT Sell Disclosure: Not Held
