What came out of that discussion was the fact that the bankers can demand payment if covenants are breached.
The company breached covenants in December and instead of the banks calling the loan the loan terms were renegotiated
Undoubtedly on terms more favourable to the banks
The directors report for h118 accounts clearly states what will happen if covenants are breached again. This includes but not limited to an equity raising, asset sale or further loan ŕenegotiations
Banks wont keep renegotiating convenants forever so there is a distinct risk a capital raising or asset sale will be strongly suggested by the bankers in the not too distant futute
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