An anticipated loss for the 2015/16 year of $10 Mil, including borrowing costs of $3 Mil. Overall a net deficiency in equity of $6.6Mil.
Not wonderful news. Very close to going under.
In my opinion the previous management have acted completely irresponsibly, with reckless abandon and without any consideration of their financial position.
It appears now with the new board changes there are some more level headed people at the top. One can only hope.
The good news in my mind is that a financial backer appears to have come forward to support the company. For a company such as IWG with so future assets to secure against a loan, it must mean that lender has a very high opinion of their product and its ability to derive income in the future. This gives me a little bit of hope for the future.
IWG Price at posting:
4.0¢ Sentiment: Hold Disclosure: Held
