in a nutshell16 Nov 2017 09:00
BOS GLOBAL Holdings Limited (LON:BOS) is in urgent discussions with lender Innovation Corporation and its broker over its financial position.
To meet its liabilities the business software group needs more than the �125,000 monthly instalments being provided by Innovation through a convertible note agreement.��
Innovation is the vehicle of BOS�s former chief executive Michael Travia, which has also called a general meeting to have him reinstated, Marcus Yeoman appointed as a director and Adam Webb removed from the board.
BOS Global estimates that on 27 October its current liabilities (aged creditors) were A$900,000 against cash in the bank of A$185,000 .
To save costs, Bill Brooks, the former Global PMO director, has left.�
BOS added there may not be alternative sources of timely funding available and administration is a possibility.