Also wanted to add these 2 quotes from the extended half year report. I know it is hard to trust managment now but If they are privy to information contrary to their statements that is a serious offence.
“The Group has agreed to present to the lenders and their financial advisers proposals which may include amendments to the current SFA. In the event that amendments are required by the lenders and if are not implemented by 30 April 2016, repayment dates for the SFA may be brought forward toa date no earlier than 31 March 2017.
The Directors are of the view that the Group will comply with the above obligations. The Group has further initiated a comprehensive review including an assessment of revised financial forecasts, and the implementation of performance improvement programmes with the aim of improving the profitability of the business and reducing the level of drawn debt.
The Directors, having given consideration to the current financial forecasts for the Group, the engagement with the banking syndicate and its financial advisers, the comprehensive review, and the performance improvement programmes being implemented by management, consider the going concern basis of preparation is appropriate.”
Extract for 'Financing Arrangements" (I added bold parts)
&
"In the directors’ opinion there are reasonable grounds to believe that Slater and Gordon Limited will be able to pay its debts as and when they become due and payable." AG and Skippen Signed Declaration
Joe
I
SGH Price at posting:
26.5¢ Sentiment: None Disclosure: Held
