Viney exactly, there's more concerns than positives.

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Singa71

517 Posts.

12/03/16

12:47

Post #: 17258403
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Originally posted by viney402 ↑

At least management can't say the disquiet on HC is unwarranted.

Their own auditors are driving the concern.

Only management can put the market at ease

Viney

"The financial report has been prepared on a going concern basis. In arriving at this position, the Directors have had regard to the fact that the Group will have access to sufficient working capital to fund administrative and other committed expenditure for a period of not less than 12 months from the date of this report. The Group’s cash resources and positive forecasted operating cash inflows for the 15 months ending 31 March 2017 are sufficient to cover working capital requirements and to fund the Group’s investing activities, but not sufficient to cover the repayment of the Group’s external debt of $15,067,896 as at 31 December 2015. The Group is currently progressing a reserve based lending facility, which can be used to finance the current debt commitments. The Directors are confident of being able to raise the required finance, but note that although the reserve based lending process is far advanced it has not yet been finalised at the date of this report. Should the reserve based lending facility not be attained, the directors will seek alternative fund raising activities, which may include divestment of assets. Should the Group not achieve financing, either through the reserve based lending facility or alternative asset divestments, there is uncertainty whether the Group would continue as a going concern and therefore whether it would realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report. The financial report does not include adjustments relating to the recoverability or classification of the recorded assets amounts nor to the amounts or classification of liabilities that might be necessary should the Group not be able to continue as a going concern."

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Viney exactly, there's more concerns than positives.

EGO Price at posting: 38.0¢ Sentiment: Hold Disclosure: Held
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Viney exactly, there's more concerns than positives.

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