Quote:
In the meantime, a $10 million short term credit facility has been arranged with Skipton Building Society (a major Wynyard shareholder) to provide the company with access to sufficient capital, if required, pending receipt of proceeds of a capital raise. The loan will be secured over the assets of the company. In order to draw down on the facility, the Wynyard Board must be confident that the company can raise sufficient capital under a rights issue (or other capital raising) to repay any amount drawn down under the facility.
If they survive this event (I assume and hope they will, but the dilution is likely to be terrible), than the question should be asked whether they have the right people employed to keep the boards seats warm.