Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Https://news.sky.com/story/struggling-asos-explores-sale-of-topshop-brand-12994586
Https://news.sky.com/story/metro-bank-plots-capital-raise-in-bid-to-allay-city-concerns-12976839
In relation to your enquiry, when we updated the market with our Interim Results on Wednesday last week (which can be viewed here: https://asos-12954-s3.s3.eu-west-2.amazonaws.com/files/8216/8369/7899/HY23_Results_Statement_-_FINAL_10.05.23.pdf), we outlined that we have a robust and flexible balance sheet, and were pleased to have amended and extended our existing £350m revolving credit facility through to November 2024.
As such, the extension secures ASOS’ funding beyond FY24 (the next fiscal year after this one), supporting the business as we continue to execute on our Driving Change agenda and return to profitability and cash generation. For further context, we ended H1 FY23 with cash and undrawn facilities totalling £409m at what is typically the seasonal trough in our net working capital cycle.
In the RNS, we announced that we are on track to deliver our full-year targets over £300m of Driving Change agenda benefits and that we remain very confident of our return to sustainable profit and cash generation in H2 FY23 and beyond.
We are aware of intra-day movements in our share price, and I would like to assure you that we take our disclosure obligations to the market extremely seriously. If there were ever any information relating to a share price movement requiring an RNS disclosure in line with the Listing Rules, then we would of course make that disclosure.
More broadly, we are confident in the progress we are making to accelerate the changes needed to transform ASOS into a sustainably profitable and cash generative business. Against a challenging backdrop, we have achieved a great deal in this period of reset and are well positioned to return to profitability in H2 FY23 and beyond. While there remains much to be delivered in the next few months, we are confident that ASOS will exit the year a more resilient and sustainably profitable business.
We are grateful to all our shareholders and would like to take this opportunity to thank you once again for your ongoing support.