In accounting, going concern concept simply implies that the business will continue to operate for the foreseeable future. In essence, this concept assumes the business remains in existence.
I was reading an article published on 23 March's The Business Times which mentioned Rickmers Maritime Trust (B1ZU.SI) is warned by its auditors PricewaterhouseCoopers (PwC) of its ability to continue as a going concern. PwC said the ability of the group and the trust to continue as going concerns depended on the outcome of the refinancing of the trust’s outstanding US$130 million ($182 million) facility of which the entire outstanding amount of US$128.70 million falls due on 30 April 2010. We are now into April 2010 very soon.
With that news, Rickmers' share price plunged 25.609% today to close at S$0.305 per share. I used to own Rickmers' share when they used to give out almost 10% dividend yield in just one quarter. It is lucky I have none of them now but then, I thought there were preamble warnings since mid last year?
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I'm not trying to be anyone saviour. I'm just trying to think about the future and not be sad.
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