GIGACLEAR LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 2 in the financial statements, which indicates that, following agreement by investors to pursue a lender led transaction, that there is an inherent material uncertainty following the imminent change in ownership of the Company regarding the Board composition and the plan of the lenders. As stated in note 2, these events of conditions indicate that a material uncertainty exists that may cast significant doubt over the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

• ◆

  3 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

• ◆

  1 PSC ceased in last 24 months

  Significant control changed hands — see the Ownership section.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. GIGACLEAR LIMITED 2019-02-20 → present
2. GIGACLEAR PLC 2014-09-09 → 2019-02-20
3. GIGACLEAR LIMITED 2010-12-22 → 2014-09-09

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

Grant Thornton UK LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 2 in the financial statements, which indicates that, following agreement by investors to pursue a lender led transaction, that there is an inherent material uncertainty following the imminent change in ownership of the Company regarding the Board composition and the plan of the lenders. As stated in note 2, these events of conditions indicate that a material uncertainty exists that may cast significant doubt over the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

Significant events

• “Post-year-end, the company secured additional debt funding of £49,675,000 and crystalized interest rate swaps for £44,414,000. Subsequent agreements (Amendment Deed, Extension Letter, LUA, SSFA, ARD) delayed interest payments, established new debt facilities (£80,000,000 with £20,000,000 uncommitted), and outlined a lender-led recapitalisation process.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

20

last 12 months

Capital events

3

last 24 months

Officers appointed

3

last 12 months

Officers resigned

3

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.