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Orion Holdings

Board Meeting · 15 October · 09:00 HKT

Meeting signal

The Board is being asked to approve Phase Two expansion while the revised forecast lowers Q4 revenue and raises working-capital need.

Question

What evidence supports keeping the same expansion timeline under the revised downside case?

  • October Board Pack v3 · p.42
  • Liquidity Model · B12:F24

A board pack is not a point of view.

Your role is not to read every page. It is to see the decision clearly enough to ask what could change it.

  • Material changed
  • Prior follow-up open
  • Public context relevant

What changed

The revenue forecast moved down. Working-capital need moved up.

The question

What evidence supports keeping the same expansion timeline under the revised downside case?

What it tests

Whether the original payback assumption still holds under the new liquidity case.

The evidence

  • October Board Pack v3 · p.42
  • Liquidity Model · B12:F24

What remains uncertain

The material does not state the trigger that would pause or change the decision.

July meeting

You asked for independent evidence that cyber remediation closed the control gap.

Now

The current pack says closure is complete. It does not identify the independent validator.

Carry forward

What evidence was received, who validated it, and what remains unresolved?

Two hundred pages. One question that matters.

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