(Finance) – The Board of Directors of Gequitya holding company listed on Euronext Milan, believes it is necessary to have a longer term for the approval of the financial statements financial statements and consolidated financial statements closed on December 31, 2021, and therefore postponed these actions to a meeting to be held between May 13 and 23, 2022. There are various negative factors that led to this choice.
Based on the available data that confirm the negative trend recorded by the group in 2021The second one financial covenant, provided for in the Regulation of the Guaranteed Non-Convertible Bond of 1.4 million euros, called GEQUITY_BRIDGEBOND_INSURED_CALLA-BLE_2024, i.e. the ratio between the Group’s Consolidated NFP and the EBITDA of HRD Training Group equal to 3.0 times, will not be respected. Failure to comply with the covenants allows RiverRock to exercise the right to request early repayment of the Bond Loan.
The discussions with RiverRock are still ongoingexplains a note, and to date the fund has not yet found the communication sent to it by the company on January 26, 2022.
Furthermore, the performances recorded in 2021 by the subsidiary HRD Training Group they disregarded the assumptions envisaged in the 2021-2026 Business Plan, with a negative closing of the 2021 financial statements. “The growth assumptions presented over the course of the plan are therefore no longer current and so it becomes necessary to update the planto be submitted for the approval of the board of directors “, it is underlined.
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