RE: £20k buy19 Sep 2025 15:15
The Rathlin accounts make interesting reading, £1mm cash at year end having spent £1.4mm the previous year means the cash at the date of publication in Sept would be in the mid 100's of £k at best.It's clear that RBD needed to make a £2.5mm short term loan available to get them through and avoid a going concern issue. Not doing so could have potentially lead to trading whilst insolvent, being unable to meet is financial obligations as they fall due (they pretty much state this).They Indicate £1.8mm in net obligations to fund the agreed programme with the NSTA and £1.6mm for site restoration,That means UJO and RBD each have obligations of £450k and £400k for the Work programme and Site restoration respectively. That's near enough £1mm each. This is a tricky issue, The NSTA obligations are not really legally enforceable, and they'll simply terminate the licence if the work programme isn't carried out. However the well site restoration is a different matter, the tax payer isn't going to be left holding it, Given the Joint and Several licensing regime, see .. https://www.nstauthority.co.uk/regulatory-information/regulatory-framework/licensing-regime/AI summary (not always 100%): .. Under the NSTA, all companies holding a licence are jointly and severally liable for the licence's obligations and liabilities, meaning they share equal and combined responsibility for meeting them, and one company can be held responsible for the entire amount, even if another company failed to pay its share. This means the North Sea Transition Authority (NSTA) can pursue any single licence holder for the full amount of any obligation or liability, regardless of how the responsibility is divided among the licencees. Could get interesting especially over at RBD as 16% owners and 80% owner of Rathlin. I wonder what their security is on the loan?
kim_clay ADVFN
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