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Hi Narada As everyone answered the first time you questioned this, all offers are now closed. In fact the offer was over subscribed. The £7m the company wanted to raise was raised as a result of the subscription from shareholders who held on the 9th of December.
I didn't read the RNS the same way. The qualifying shareholders seem to be the ones who raised £7m from this open offer. I am willing to be corrected - can you explain where you read there would be another fund raise from existing shareholders?
Since this is your first ever post I guess the point you are making is very important to you.
GMS announces that it has signed a formal waiver agreement with its banks relating to the covenants to be tested with reference to the Company's 30 June 2019 half year financial results. The agreement will also provide the Company with the rollover of its existing US$ 25 million working capital facility, as well as access to bonding facilities that will underpin liquidity and support the growth of its business, in each case until the end of 2019. The Company now has until 30 September 2019 to complete the final administrative conditions precedent for that agreement.
The Group is continuing its dialogue with its lenders on a long-term solution to its capital structure, which is focused on agreeing by the end of 2019 an amendment and extension to its existing facilities, comprising the term loan, the working capital facility and the performance bond facility. This will address the Group's future loan repayment profile, as well as continued access to working capital and performance bonds, and its financial covenant tests going forward.