RE: Delays in contracts......19 Dec 2018 11:47
In the event of a potential breach in covenants, the Group would approach the members of the banking syndicate to seek a waiver from covenant testing for that period. The Directors believe that given our strong banking relationships the banks would agree to grant any such waiver if required.
Notwithstanding the material uncertainty with regard to covenant compliance at 31 December 2018 and the uncertainty with regard to covenant compliance at 30 June 2019, both described above, the Directors are confident that either a sufficient value of contracts will be awarded or that the Group will be able to obtain a waiver from covenant testing and accordingly have adopted the going concern basis of accounting in preparing the condensed consolidated financial statements.