Suspension via Administration?16 Oct 2025 10:15
Who’s buying up the company if this happens? Then it’s private. Company said in RNS that the absence of funding could accelerate this protection of creditors which means into administration! The self harm here has been incredibly stupid and no solutions especially now market funders KNOW GDR NEED money any provider can now table an even worst deal for shareholders. This is a bit like HE1 when the CEO announced before she had secured funding that the company needed funding and then company were forced to take a massive cut and massive loss to SP with huge dilution! Turkeys have certainly voted for xmas and any lift in SP sees immediate selling off! IMHO DYOR
The resolutions were unanimously recommended to shareholders by the Board as the Equity Financing was the only certain financing option available to the Company. As a result of the resolutions not being passed the Conditional Placing and Retail Offer will not complete, and the Company does not have authority to issue any warrants in connection with the Equity Financing announced on 23 September 2025.
As highlighted in the Company's announcement of 6 October 2025, the Company has funding through to the end of 2025, however the uncertainty that this vote creates may impact negatively the Group's operations which, in the absence of additional funding being made available, could accelerate the timeline on which the Directors have to take action to protect the position of creditors.
Finally, whilst the Company continues to engage proactively with David Nugent, a 15.1% shareholder in the Company (including via a limited company), there has been no material change to the status of discussions with that shareholder.