RE: News?18 Oct 2024 13:39
I agree Brewer added to his beloved MARU, while SKA is currently a going concern. Nothing is guaranteed on funding as the RNS states. Cash till NOV is dependent on working with creditors. 1 year on and still no asset, BOD unrest and still taking it to the wire to leave. Funding still not available 5 months on.
While AUO has reiterated its commitment to supporting the Company's future endeavours and financial needs to support the ongoing business and obligations of the Company, the Company currently has limited cash at bank and continues to carefully manage its resources and creditors. Assuming it is able to continue to manage creditors, it expects current funds available will be sufficient to the end of November 2024.
Accordingly, in the absence of funds being provided by AUO on a timely basis, the Company is actively exploring alternative sources of financing in order to provide sufficient working capital for the Company, until such time as the requested funds are provided by AUO pursuant to the convertible loan note or otherwise.
This includes discussions with Gathoni Muchai Investments Limited ("GMI"), a major shareholder of the Company, which has provisionally offered an unsecured, interest free, non-convertible loan facility, of £500,000, subject to GMI having secured the necessary funding in the near term to provide such a facility; however there can be no guarantee these discussions will be formalised or that GMI will secure the requisite funding and accordingly there can be no guarantee that such a facility will be made available.