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Suspension I’m surprised hasn’t already for ease happened. The only positive is selling huge volumes of white and blue were we know the kit has been supplied
They may suspend quite possible, i hope they have restricted right back. One quarry selling white and blue expanding and still full steam ahead, a second getting kit in order to quarry blocks out and the third pretty much nothing. The video I saw of late August showed lots of stock at the factory so I suspect they’ve let everyone go bar Skelton crew which on their wages can certainly off set costs. Loans are different but most are owned by shareholders who will loose the lot if not supported. I think they’ll quarry two locations, try and get through to this court case been held in uk. The court case valve won’t hold up if there is no business and I would suspect their paperwork is in good order but Kosovo ways of work don’t like it.
Interesting we received a big Chinese order when we already knew the quarry had been suspended, we announced monthly volume knowing we couldn’t supply? Could at any stage the challenge get dropped?
Loan notes are exercisable at much higher prices - so anyone converting is in for an immediate loss.
Of course Fox could change the convertible price?
Personally I see this going similar way as e.g. Oxus: cease operations but still fighting for 194m, suspension pending financial position, delisting and then a long slow death
On the other hand I thought they would be running out on money by around now, so maybe they have made some sales and are limping along - an RNS stating cash balance would be useful (why hasn't Chris done that?)? Remember it is illegal as a director to trade whilst insolvent (paying debts as they become due) so Fox must have some money left??
They can be converted to shares or paid for in cash, be interesting as most loan notes are from people who already have an interest in the business so quite a lot to loose. Be some dilution if they cash them for shares at current sp.
Then they have €1 million facility with Brandon that might now have been pulled. Half year they said would be July, had them in sept before so
Interesting