(This was purloined from 'elsewhere.')
Soooo..... The share issue raised £2.63 million at first. This is approx. 65% of total. If we assume no over subscription, then 2/3 of shareholders weighed in. Then the Easedales kicked in their £500k. If we assume that the repayment of their loan was to happen as part of the funding, a full subscription would have left Sevco with approx. £2.3 million extra cash to see them through to agm. As it is, assuming Letham gets his million, they have around £1.4 million extra cash (Letham' due a bigger vig for waiting). Again, assuming Oor Imran got £300k, Sevco can probably meet Sept and Oct payroll but there is no wriggle room at all.... So if Wallace is actually 'on gardening leave' and is due up to £800k in settlement.... We may see another thrilling instalment of 'Ringfence Alley' on our screens soon..... Dum Dum Dum!
In all seriousness, who took the shares is gonna be the biggest hint to how this is gonna end..... Let's see what happens if a certain cabal ends up controlling over 75%....it's a pretty magic number in admin terms. And given Sevco has only one creditor, RIFC Ltd., who would control a CVA again?