RE: Echo energy17 May 2023 16:46
After rereading the RNS of the 9th May which is full of figures and convoluted language of the proposed deal. There is one finger that is glaringly missing all be it it was mentioned and that is What is " the Company's liability for the previously announced significant in-country creditors and other liabilities" racked up due to Covid 19?
The RNS of the 18th of April stats "The Company announced on 2 February 2023 that the Company's unaudited cash balance as at 2 January 2023 was US$1.1 million, with total creditors of approximately US$19.5 million reported in the Company's unaudited Interim Results announced on 30 September 2022. A significant proportion of these creditors continue to be related to the Company's interest in its joint venture in Argentina, where the impacts of the COVID pandemic have hit hard and ongoing costs remain subject to domestic inflation, currently running at c.100% per annum.
These are unaudited accounts (which also had $1.1M in the piggy bank). Can they be believed to be accurate? What are the up to date figures?
Just an observation