Zeta put on hold
Monday, September 22, 2014
The miner said this week that a proposed A$25.7-million rights issue, which was announced at the start of September this year, would not proceed, after the company’s lenders claimed a breach.
The lenders claimed that an updated business plan provided by DML in August, had not been in the correct form, and had been deemed unsatisfactory. The lenders have reserved their rights.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...