RE: Placing, why?23 Nov 2022 20:48
In the last trading update they warned of performance not as expected and as a result adjusted ebitda being lower, then in the forward looking statement they state this
“Cash flows are expected to reflect continued re-investment of cash profits into growth opportunities, in particular MY ZeERO to meet expected customer demand, and payment of certain non-recurring balance sheet items. It is expected this will be funded by operating cash generation and/or borrowings, as appropriate”
Now for me there are 3 reasons why they are so late in publishing results
1) underperformed and trying to get a deal over line before issuing results (would usually have had to issue a warning to the market) so unlikely
2) previous CFO messed up of fiddled the books trying to sort it out, again hes been in place since july so unlikely as hes had more than enough time to get figures sorted
3) Nomand has said the finances are too low and therefore need to raise cash before they can issue results