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POS Outsourcery statement – Piers Linney this does not wash Mr Dragon’s Den

Tom Winnifrith
Sunday 3 August 2014

Having promised an update on refinancing the POS AIM listed company Outsourcery in July, Dragon’s Den Prima Donna Piers Linney served up a pretty wet statement at the last minute this morning. The RNS is both wet and disingenuous. And here’s why.The statement reads:

As stated on 27 June, in an update issued ahead of the Group's Capital Markets Day, the Board stated its view that the Group has sufficient cash resources for its immediate needs.  The Board re-iterates that view today. 

The Board has been prudently reviewing a range of options that would improve the Group's cash resources and is pleased to confirm that discussions regarding a combination of debt and equity funding options as outlined in its trading update on 27 June have progressed quickly and positively in recent weeks.  Final discussions and documentation regarding these options are now underway and the Board will provide a final update in short order. 

Ok. Let’s deal with the cash.

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About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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