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There may be great truth in that. I can see it. It was either orchestrated or just a moronic blunder.
Sang-if your writing a book it would be good to identify Masterblast and interview him- hate to admit it he/she has hinting at this situation all along, how stupid of us to have dismissed it. This looks to have been planned to take it to administration .
How much have we each lost here?? Some horrendous stories so far....sorry guys.
Anyway, one and all - I will leave you to your musings; frankly I will be looking to try and put this out of my mind for the duration of the weekend.
Goodnight all.
Wouldn't it be ironic if the PR blunder of earlier this week and the subsequent sp drop was the final nail in 4D's coffin by causing that covenant breach?
When a creditor calls a company into admin as is in their contractual rights, a company cannpt just liquidize assets. They only have cash. Admin is immediate. Duncan may be an as* but he has only had one day of admin. Although I am convinced he knew well over a few weeks ago. Definitely on Tuesday.
My personal belief-right or wrong-is that hevonly cares for himself….treatments or not. His last interview was very narcissistic if upbeat.
I have personal experience of Institutional lending (Credit Funds) and at many times the OF level - I have also experienced being in breach of covenants - often several at a time. The only reasons in my view that OF would have pulled the plug is because either they worried that if they didn't do it now they might never get another opportunity or that 4D alternative funding proposal would have compromised their current preferential position.
Have to agree with Boonco here. Reading the rns it appears they thought Oxford would not call it in straight away and have been blindsided. I can see a solution will be had in time.
Oxford were only able to pull the plug because the conditions of the loan were breached.
There was a clause about a materially adverse event (very broadly defined) and the difficulty with the market cap and the cash needed could have constituted a material adverse event.
I wonder what the funding alternative they presented to Oxford was.
I am thinking of writing a book about this- the story of 4D
Crusty I agree re. Possibility of pressuring investors at AGM but admin means no vote.
Check out new Corporate and Governance Insolvency Act 2020. Provides court protection from creditors for restructuring and debt moratorium. Could be used by Interpath. Still wouldn’t trust Duncan to give a bean back to shareholders though. Sorry just so angry. It’s not Oxford. They always had the choice.
Probably because they didn't want to sell them, were trying to secure finance and didn't think Oxford would pull the plug.
If it was that easy to sell the assets why didn't 4D do that themselves?
Sang, if they can get enough for assets in pipeline to pay OF their 13M + bank a couple of years operating costs then they should be able to get up and running again with a slimmed down pipeline.
That's the hope anyway.
If you don't get why Oxford have pulled the plug
They were due to be repaid in 23/24. Now they get the money early with over a $1m in interest for a loan of just under 12 months
If Oxford have first claim on company funds but they also need to pay staff and other costs like rent and suppliers
You can't trade if you can't pay staff.
Surely 4d must have some cash in the bank.
Well I believe that the adminstrator will find a way to pay off OF - at least I am hoping so....
Crusty that is correct but only 1 step away from Liquidation. Oxford have forced the situation by requiring immediate payment of the Loans. Oxford instructed Administrators as covenants require. Once the Administrators discover no avenue to raise the funds Oxford rightly are owed, a Liquidator will be appointed. There is NO love from Oxford who have a cold attitude towards PI's
Crusty.
That occurred to me.
But if in admin it is all irrelevant. Company is not functioning unless they invoke a protective clause on Corporate Insolvency and Governance Act 2020. Provides moratorium on debt for restructuring and protection by court from creditors.
I still think Duncan is pulling a fast one though. Just my opinion
Oxford will get cash NOT assets crl.... the administrator protects the company from creditors, it does nopt act for creditors!
The company is in administration not liquidation, fairdealer.
Oxford have a deal with someone to
sell assets on the cheap. Shareholders get nothing. Interpath Advisory are not a govt. admin and specialize in trying to mediate. Nothing guaranteed and I would not trust Duncan one inch -he set this up. But they are worth reading about if you can tolerate the inanely meaningless marketing drivel. Laughable. No guarantees, especially not with Duncan and Doyle…utter incompetents…but worth looking at Interpath. Me? I see it as a big set up.Incompetence that led to stupid decision for q and a which was possibly all part of the set up. Don’t forget Duncan used to work in the City.
( making tea?)
MSD are quite likely to obtain rights and patents through a deal with the Administrators, who only want to raise funds to satisfy OF
Another conspiracy theory - is this a ploy to ensure that no-one is going to be worried about whether there is to be a 40% or 100% dilution or lose shareholders rights! :0)
Denfos do you realise any investment in shares is a risk and not secure?