Further to the Company’s announcements of 27 September 2018, 22 October 2018, and 15 November the Company announces that it continues discussions to raise further funds but at present there has been no definitive agreement entered into to provide further working capital.
One avenue the Company has been pursuing is its discussions with its largest shareholder, Hudson Global Group Limited (“Hudson”), regarding the provision of further finance. Hudson has today informed the Company it is no longer considering providing any additional funding.
The Company is now looking to monetise its Konta Port asset with an interested party.
The Company’s working capital position remains tight and there remains the risk that unless further funds are sourced in the very near term then the Company will need to invoke an insolvency procedure.
Whilst the Company pursues this opportunity as a means of avoiding an insolvency procedure, it has requested and been granted a suspension of the trading of its shares on AIM pending clarification of its financial position.
