1. As opposed to when we start trading again .. I guess that is up to the ASX. They need to be convinced that the entity can be traded in an orderly fashion and the market is fully informed.
One year ago (16th April, 2018 .... my my time flies when you're having fun ... NOT) SSN applied for voluntary suspension, citing as the reason for the request to be "The voluntary suspension is necessary for the Company to make an announcement to the market regarding a funding proposal"
There were of course numerous requests to extend the voluntary suspension. Now as far as I'm concerned, they have finally got the funding proposal complete ... or have they (as in has everything been disclosed)? So what gives with SSN???
If I was the regulator (and I'm not) I would DEMAND that a pro-forma balance sheet should have been supplied. I mean the company has been recapitalized - sort of. Got to see a balance sheet. I just what to see Total Assets = $A Total Liabilities = $L Total Equity = $E
The balance sheet formula is simple $A = $L + $E or put from our perspective $E (shareholders) = $A - $L
Can't use the HY but for grins $A = $35.6M $L = $38.9M $E = -$3.3M
i.e. -$3.3M (thats us with negative equity in the business) = $35.6 - $38.9 = -$3.3M (it balances)
What is the new "Total Assets". Is the new Total Liabilities $33.5M after paying creditors and retiring the MOB credit facility.
Typical SSN half baked announcement.
To try and figure out where SSN would trade .... given this is what the capital structure now looks like post consolidation
so still 1 ADR = 200 ASX shares
So based on the OTC quote ... US$0.10 per ADR Which implies MC = US$1,641,500 Which implies MC = AUD$2,345,000 or ~$0.007 per ASX share
At least that's better than $0.003. Everyone please check the math .. no guarantee it is right.
Future for Samson??? Yeah right.
SSN Price at posting:
1.5¢ Sentiment: None Disclosure: Held
