As far as I'm concerned, more openness and honesty seems to be evident with Okap now shown the door.
The Annual was refreshingly warts and all and easy to read, with out having to play a game of join the dots to try and get a true picture
But at the end of the day this ship was built in Havelock st
Leaving some very serous structural problems for Village to detail with.
These $16m worth of con notes is a good example.
“the ability of the consolidated entity to continue as a going concern is
dependent on the success of the negotiations with financiers and future
successful raising of necessary funding through equity. These conditions,
along with other matters, indicate the existence of a material
uncertainty that may cast significant doubt about the consolidated
entity’s ability to continue as a going concern and therefore, the
consolidated entity may be unable to realise its assets and discharge its
liabilities in the normal course of business.”
Additional requirements for capital
Depending on the Company’s ability to generate income from its
operations, the Company will require further financing as noted above.
Any additional equity financing will dilute shareholdings, and debt
financing, if available, may involve restrictions on financing and
operating activities. If the Company is unable to obtain additional
financing as needed, it may be required to reduce the scope of its
operations and scale back its exploration programmes as the case may
be. There is however no guarantee that the Company will be able to
secure any additional funding or be able to secure funding on terms
favourable to the Company.
Not an easy call. I can not see dilution being avoided.
Good luck with it C&P
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