"you are expecting a market announcement when there's only 3 more trading days until the AGM? Very unlikely I'd think."
AGM is on Wednesday 4th June. The waiver on the debt covenant expires on 31 May (Saturday).
The company has an obligation to inform the market if no further waivers have been granted, no other funding has been secured - and as a result is in default of its loans.
I think most people would agree that this is a material event that the market would need to be informed of.
If they haven't secured anything, they can't just keep trading on Monday and pretend like nothing has happened when a waiver on their debt covenant has expired and they're in breach of their conditions for a loan of $400m USD. It's kinda a big deal.
I expect to hear something sometime tomorrow, perhaps after the close of business Friday or before opening on Monday at the latest.
CRN Price at posting:
12.5¢ Sentiment: None Disclosure: Held
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