So basically funding is in place till 31/3/2017. That is what i...

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Krisp

310 Posts.

18/04/16

19:26

Post #: 17535722
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Originally posted by ihtp001 ↑

Walkingeagle

My understanding is that when reviewing the use of the Going Concern principle, the auditors are required to review the 12 month period from the date the accounts are signed to confirm that sufficient funding is in place.

So for accounts signed on 31st March 2016, funding has to be in place until 31st March 2018.

The SGH UK LLP accounts do not include any new information, indeed, the Strategic Report includes the statement:

"The group has agreed to present to the lenders and their financial advisers proposals which may include amendments to the current SFA (Syndicated Funding Agreement). In the event that amendments are required by the lenders and if are not (sic) implemented by 30 April 2016, repayment dates for the SFA may be brought forward to a date no earlier than 31 March 2017".

So the auditors will have their confirmation that the company has sufficient funds to cover their requirements for the 12 month and have given an unqualified report accordingly.

I only take a small amount of comfort from the filing of these accounts.

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So basically funding is in place till 31/3/2017.
That is what i have written Banks should do. Keep ASGH on the leash but say they will review again in March 2017 asking SGH to presnt a report and funding cant B withdrwan no earlier than March 2018.
That can B put as an amendment to the terms and thats about it. SGH gets on with the job of delivering.
No big deal.
By that it will B all fine . If they cant deliver by then.then U know the answer.

Last edited by Krisp: 18/04/16

SGH Price at posting: 26.0¢ Sentiment: Buy Disclosure: Held
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