Quote:
The Board recognises that achievement of the forecast is critically dependent on the football performance for the rest
of the current season and next season, including the participation in European football competition. Consequently,
sensitivities have been applied to the forecast based on a variety of football performance factors.
At the time of preparation, the forecasts identified that the Group would require a minimum of £4.0m additional
funding by the end of season 2017/18 in order to meet its liabilities as they fall due. The first tranche of funding is
required in November 2017.
Further funding amounting to £3.2m is forecast to be required during the 2018/19 season. However, the final amount
is dependent on future football performance and European football participation amongst other factors.
The Board have discussed the Club’s forecast cash shortfall and have reached an agreement with New Oasis Asset
Limited whereby they will provide additional loan facilities as necessary to meet the above requirements.
Further to this, New Oasis Asset Limited and certain investors have agreed to extend their existing loan facilities to
July 2019.
The Board is satisfied that those parties will continue to provide financial support to the Group and have satisfied
themselves as to the validity of the undertakings.
The Board acknowledge that had these assurances not been secured then a material uncertainty would exist which
may cast doubt over the Groups ability to continue as a going concern and therefore its ability to realise its assets
and discharge its liabilities in the normal course of business. With the appropriate assurances obtained and the
continued support of the investors, the Board believe that such uncertainty has been removed.
There you go: £4m needed this season from NOAL (Dave King).