Auditors warn of Seadragon's going concern ability as firm breaches covenant

Thu, 30 Jun 2016

By Edwin Mitson Seadragon's auditors have warned the fish oil extractor may not have sufficient cash reserves to meet its obligations if it fails to achieve its forecast cash flow and doesn't receive continued support from investors and financiers. In a note to the company's audited financial accounts, PWC indicates an uncertainty that casts doubt on the Nelson-based company's ability to continue as a going concern. In a statement published with its annual report, Seadragon said it had breached an agreement with one of its lenders be...

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