Sorry state of affairs. Some bombshell allegations there too:
- Possible insolvent trading - Possible breach of continuous disclosure - Possible insider trading by Mark/Joanne Turner
- it also states that A40 were quite far progressed in trying to recapitalise the company when in breach of the Tribeca facility, however when Galaxy acquired the debt, Galaxy refused to extend the standstill meaning the negotiations couldn't be concluded. That was definitely a hostile/bullying tactic by Galaxy which left us with no way out other than V.A. but it's not Galaxy's fault we were in that mess in the first instance. More a case of both companies thinking they are in control, neither having any idea, and the Chinese just step in and thankyou very much!
shame there's no mention (that I can see) about the salary increases the BoD gave themselves. Did KordaMentha miss that bit?
keeps mentioning a "Force Majeure" over at JBJ in China. A40 were made aware. Why wasn't this ever announced to market? Surely that would have been price sensitive?
also seems like Galaxy tried to play hard ball during negotiations. Specifically mentions that an interested suitor was put off because they thought Galaxy wanted the asset and would block their DOCA proposal. Doesn't mean anything to us
Our finances were in disarray due to MCs incompetence, naivety, stupidity - whatever word you wanna throw at it
all in all, the Chinese win, we all lose. Goodnight
