RE: Back down to 1p31 May 2024 13:19
The PSL provides detailed commentary on what would likely happen if the Restructuring Plan were not sanctioned by the Court by the 15 August 2024. In those circumstances, the Fundraising, which is conditional upon the successful implementation of the Restructuring Plan, would not conclude. Creditor support, which is dependent on the Restructuring Plan being successfully sanctioned, would cease and in those circumstances, per management's short-term liquidity forecast to the end of September 2024, the Group is forecasting an immediate ÂŁ0.7 million funding requirement in the week ending 24 August 2024 with an estimated peak funding requirement of ÂŁ8.1 million in the week ending 7 September 2024.
In those circumstances, it is expected the directors of the Plan Company and certain other Group entities would file for administration to comply with their directors' duties obligations and to protect the interests of creditors.