Another write down in asset values, which isn't unexpected.
A couple of positives -
1. Lender appears to be happy to allow the firm continue as a going concern waiving covenents
2. Minor decrease in cash reserves
3. Despite the economic environment the turnover is still significant at 60 mill
4. Debt reduced by approx 4 mill
Still a risky proposition, however seems fair value given the current share price
My opinions only. Not investment advice.
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