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@DBH - And just for clarity “ As indicated in the "Capital Resources and Liquidity", the Company closed financings comprising of the Bonds issued in July 2022 and December 2022 and a brokered equity placing in April 2022,” .. There is not mention of the March bonds because they are outside this reporting period.
Can you explain this then (Page 30):
With no assurance that financing in addition to the Bonds issued on March 21, 2023 (see "General Development of the Business – Recent Developments") will be obtained in 2023, there is material uncertainty that casts significant doubt on the COPL Group's ability to continue as a going concern.
Think the key points are as follows:
B. The Borrower has informed the Administrative Agent and the Lenders that certain Defaults and Events of Default have arisen and/or will arise pursuant to the events specified in Schedule 1 hereto (collectively all the Defaults and/or Events of Default referred to in Schedule 1 are the “Specified Defaults”).
D. The Parent, the Borrower, the Loan Parties, the Administrative Agent and the Lenders and parties hereto have agreed to enter into this Amendment to (without limitation) waive the Specified Defaults, amend the Limited Waiver Agreement and amend certain provisions of the Existing Credit Agreement, in each case, as set forth herein.
Schedule 1
1. The Borrower’s failure to meet the requirements of Section 5.1(b) of the Existing Credit Agreement (including but not limited to with respect to such Section 5.1(b)’s requirements regarding any “going concern” or like qualification) solely in respect of the delivery of the annual consolidated financial statements of the Loan Parties for the fiscal year ending December 31, 2022.
2. The Borrower’s failure to send any notice required pursuant to Section 5.2 of the Existing Credit Agreement in relation to any of the matters referred to above in this Schedule 1.
So: Failure to deliver year end accounts on time is classified as a default, but the default has been waived.
Any other interpretations??
So we've had:
a) Rollovers
b) Spreadbet Firm Balancing Books
c) Both Buys
... and they all get ticks up just as long as they're not sells.
Oh, and I was posting real time buys earlier in the day, so no agenda here from me.
I wasn't, you are correct. You've also used the hindsight traders ability of picking the very best statistics, quoting a high of 44p without acknowledging the current price, back down to 3.4p (a bit like the ARB and NCYT stories).
I'm hoping COPL will be a sustained success reflecting the size of the asset.