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Every major news outlet now reporting that Admin is imminent. Sorry guys, but barring a miracle, I think the game is over
Ahahahaha I didn't even notice. Freudian slip methinks
Yeah to be fair, I've taken much worse on this board lol. I don't really mind, it adds nothing to the conversation except entertainment
I'm good mate, and you? I actually have an internal deck on the company that I've been meaning to read. Maybe I'll take a look later this week but no promises!
Um okay? Nice to debate with you as well, selector. You sound like a stand up guy
DHC – I expect that once the company is restructured at the new entity, working capital will normalize (resulting in a cash inflow) and they can pay back the money.
Don't underestimate the people on the other side here when you say "they must need their heads examined". The people you're dealing with know exactly what they're doing
And by the way, don't forget that there's liability on the administrator, so it's unlikely that they'd just put it in without being sure that it's insolvent...
There may be an impending event of default of the debts, like a covenant breach or an interest payment they can't make (even with the new facility, as that could've been required for working capital).
If that's the case, the full amount of debt becomes due, and then if they can't pay that (which obviously they can't) then they are clearly insolvent
Poker, we are actually not aware of the funding situation. But a company can file if it doesn't think it can meet its debts as they fall due. If there is an impending event of default, they are well within their rights to file
I'm well aware of the difference, my friend.
I know exactly how a pre-pack works. But the decisions for filing a pre-pack vs. normal admin are pretty much the same. And that is the key point.
Yes sir, man the lifeboats because the ship is sinking!
Pearls I don't think the Takeover Code can stop a company from filing for administration. That would be nonsensical as any competitor could put out a "possible offer" on a company just to run it into the ground for the next 30 days until it runs out of cash
New financing could have had the milestones in the documentation with failure to meet them being an EoD
It was a bagel-related joke...a Chrispy bagel might be your preference?
I'm afraid if shareholders aren't going to see a recovery, they'd have to...eat...their losses
Hey, someone here still has a sense of humour! :D
Yes, it will be a bagel for shareholders
This board is so much more civil without Warik on it. Enjoy the fireworks everyone
1.63 / 1.78
RetiredBanker, are you aware of how directors' duties change when a company is trading insolvent?