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BOS Global still in talks over raising more cash

Talks between lender Innovation and its broker are 'incomplete' said BOS

picture of cash
Funding talks are ongoing

BOS GLOBAL Holdings Limited (LON:BOS) is in urgent discussions with lender Innovation Corporation and its broker over its financial position.

To meet its liabilities the business software group needs more than the £125,000 monthly instalments being provided by Innovation through a convertible note agreement.  

READ: BOS Global takes steps to address working capital position

Innovation is the vehicle of BOS’s former chief executive Michael Travia, which has also called a general meeting to have him reinstated, Marcus Yeoman appointed as a director and Adam Webb removed from the board.

BOS Global estimates that on October 27 its current liabilities (aged creditors) were A$900,000 against cash in the bank of A$185,000 .

To save costs, Bill Brooks, the former Global PMO director, has left. 

READ: BOS Global confident of delivering value for shareholders

BOS added there may not be alternative sources of timely funding available and administration is a possibility.

Quick facts: BOS GLOBAL Holdings

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Market: AIM
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on 30/8/17

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