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Companies only go under when their debts get called in.
The most likely scenario here is that they had run out of money and they were technically insolvent without having their debts called in.
They've recently obtained funds which doesn't need repayments for another couple of months.
No one has a scooby about the financial situation or the production levels for the last 8 months.
There's no reason why they couldn't release Q3 & Q4 trading updates other than they are with held. (due to being poor)
It will all come to a crunch soon, RM has really just played for time.
In light of the above, the Company has requested a suspension of trading in its ordinary shares on AIM with effect from 2.10 pm on 28 September 2023. The Interim Results for the six months ending 30 June 2023 will not be released.
When a company is paying for things with shares it doesn't currently own, then it's as bad as things can get.
It's a lot less anguish when you admit you've got this one wrong and prepared for the worst case scenario.
Imagine people wouldn't have invested so much if RM hadn't been pumping the 2koz jam that never came.
There's no choice but to hang in there now regardless.