The Company continues to take legal advice, and is in communication with BRK, with regard to the Termination for Breach Notice, the allegations made by BRK and its position. The Company disputes the allegations made by BRK. A further announcement will be made in due course.
The gross book value of the disputed stock of unsold BRK products was £4.3m as at 31 March 2018. Whilst discussions with BRK continue, the Company is unable to confirm the expected date for release of its audited final results for the year ended 31 December 2017. A further announcement will be made in due course.
The Company announces that in late January 2018, it entered into a committed 3 year revolving credit facility with HSBC Bank plc for £7.0 million to fund the Company's working capital. On 29 March 2018, the Company drew down £3.0 million of this facility.
Defined terms used in this announcement have the same meaning as those in the Company's announcement of 23 March 2018.