RE: £3m - Take over offer next10 Feb 2026 09:51
Magmanus_49…
“The focus now shifts to execution: appointing a new CFO, securing short- and long-term financing, and stabilising operations. Importantly, these financing discussions were already referenced in the January 2025 update, when the share price was around 2–3p — a level that already appeared oversold at the time.”
Some of what the new CFO will be challenged with early on in this process include:
Indigo Capital will undoubtedly be looking closely at what and when certain things occurred in the time leading up to Indigo confirming funding to PXC, and asking questions as to whether any misrepresentation to Indigo occurred. Did PXC know, or reasonably ought to have known of the misconduct, or any other disclosable matter before December 2025; and if so, would Indigo have invested at all if it had known of the misconduct prior to lending?
Payment to Riverfort deemed as a ‘preference’. There has to be a question from Indigo Capital, and on the same basis, NIU, regarding the context and timing of the raising of the funds by PXC from Indigo, and the repayment/prepayment of Riverfort with those funds raised from Indigo. At the time of the payment to Riverfort, was PXC knowingly trading in cash flow insolvency? If Indigo and/or NIU can argue that PXC was technically insolvent at the time that it repaid Riverfort, either or both of them would have good grounds to argue that PXC has given preference to Riverfort in its payment to it as a creditor.
These factors are material issues to PXC as BOD’s, and to any potential future funder/investors at this time. Of course Indigo and NIU are going to be asking these questions of PXC at this time, looking for ways to secure their positions as best they can. It would be naive of anyone investing in PXC not to consider this is the situation.
The ramifications are that it:
(a) slows any new funding down essentially to a halt, unless or until questions including misreps and preference questions have been satisfactorily answered to the positive; and
(b) open the question that if Indigo were misrepresented by PXC, will Indigo rescind the current financing; and
(c) opens the question that if Indigo and/or NIU can argue that PXC was technically insolvent at the time that it repaid/prepaid Riverfort whether that payment be recalled to PXC, as it was deemed to be paid in preference over other creditors?
GLA
DYOR
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