The main issue for FEA is that it was losing money.
The last two published 6 monthly accounts showed an increasing rate of cash burn, and the accounts due by end of February (but not released) perhaps would have confirmed the trend. When the money raised in the placement/capital raising last October ($39.5M before costs)was spent there was nowhere to go.
Banks never wait until there is nothing left.
JMHO........
The main issue for FEA is that it was losing money.The last two...
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