On 21 March 2023, Lim received the year-to-date and monthly profit-and-loss figures for the Rex Group for February 2023, and Rex was thereby aware that the Rex Group had incurred an operating loss of approximately $46.2 million,” ASIC has alleged in documents filed with the NSW Supreme Court.
“On 14 April 2023, Lim made a request by email to [Lincoln] Pan and [Sid] Khotkar (copying Sharp) requesting $10 million in funding from PAG, describing the company’s cash reserves as ‘critically low’, domestic sales as ‘disappointingly and bewilderingly bad’, the February results as having ‘crashed’ and a lack of recovery in March.”
Lim’s email to his fellow directors included a spreadsheet showing Rex had recorded a before-tax loss of $7.2 million in February and an estimated before-tax loss of $2.5 million for March 2023.
https://www.smh.com.au/business/comp...07-p5l2la.html
The leaks in the boat got harder to fill!