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Q. Probability of Success in Application for Debt Finance?
I have to advise you that there are signs of overtrading in our recent financial statements and our company is approaching its overdraft limit of $1·25 million. We will need to obtain further long-term finance regardless of whether our application for a $3·2 million bank loan is successful.
I note that no additional equity investment is available from the current directors. It may be in our greatest interests to address our overall long-term financing needs rather than seeking finance only for the proposed investment in Product FT7 manufacture.
Our overall long-term financing require is greater than $3·2 million. It is my opinion base on our recent financial performance our current financial position and the effect of such a large amount of debt on our capital structure that an application for a $3·2 million bank loan would not be successful and that alternative sources of finance should be sought. I would be pleased to recommendation on these if the Board requested.
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