Another black mark for AIM!
Today’s announcement from Smallbone that the financial package announced less than a month ago would now not be sufficient certainly came as a surprise to me.
After all, the eponymous Executive Chairman and Chief Executive (there’s a lesson!) only announced on 6th February that the committed financing package would provide ‘the flexibility to ensure that the Group can maintain its pre-eminent market position through these tough conditions’ and that he remained ‘confident in the Group’s future performance in the longer term.” You may well ask how long is long term, in the case of Smallbone it’s certainly less than a month! Today’s announcement stated that due to a difficulty in forecasting future working capital commitments their life as an independent business is drawing to a close…