Concern21 Jun 2023 09:06
We have performed an assessment of whether the Group would be able to continue as a going concern for at least twelve months from the date of the annual consolidated financial statement. We took into account the financial position, expected future performance of the operations, the debt facilities and debt service requirements, including those of the proposed refinancing of the Orion convertible loan notes, the working capital and capital expenditure commitments and forecasts.
Current cashflow forecast indicates that the Group requires additional liquidity to fund its obligations and activities during the next twelve months. We have identified and are proactively exercising levers within our control which will improve the Group's liquidity. Importantly, we are also actively pursuing various financing alternatives including raising capital to increase liquidity and capital resources. We believe shareholders will support the capital raising endeavours to ensure the growth the Company is positioned for, can be delivered.
The Group's ability to continue as a going concern is dependent on its ability to complete the refinance of the Orion convertible loan notes and obtain the necessary additional funding required through a capital raise or alternative funding sources. These conditions indicate the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern.