Interesting post Tambourine, especially about SGH being fully drawn ..
This formed part of the announcement on 2nd May.
The Company has, however, agreed to certain amendments to the Facility with lenders including: Simplification and reset of financial covenants to provide ongoing prudent headroom Increased frequency of reporting to lenders Facilities are now structured as term loans Semi-annual debt amortisation from June 2017 Not to declare or pay any dividends
As per first amendment indicates a reset to provide ongoing prudent headroom , which is interesting as why would the banks keep throwing good money after bad , if SGH was to continue to be cash flow negative. This drama is complicate to say the least.
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