They had $122 mill in cash, a cash burn of $40 mill/ qtr, a supposed 50 assets in 7 countries and a plan to "maximize value for shareholders" through their 3 key tenements in NSW.
Fast forward one year and they have 17 mill cash, a cash burn of 17 mill last qtr and a shock announcement that they have basically written down their keys assets in Australia to zero by putting them on care and maintenance.
They have sacked 70% of their staff and virtually shut down all their expansion plans for Indonesia, China and continental Europe, keeping open only their 2 UK tenements concentrating on the PEDL133 in Airth Scotland which is yet to even get UK Govt approval.
DTE's roadshow presentation today is designed to put a positive spin on one of the biggest wastes of money I have seen in my years following ASX miners.
They blew $100 mill last year and have nothing to show for it!!!
About their most likely form of income anytime soon is in 2014 from their 20% ownership of Maria's Farm Veges, a tomato and capsicum farm they are building in Fullerton. yes can you believe it, lol, DTE shareholders own a tomato farm.
Good luck with that one. How are they ever going to turn things around by sacking 70% of their staff, putting most of their projects on "care and mantenance" and trying to reduce the blood flow from $17 mill to $3 mill/ qtr.
These guys are gone. Before the year is out there will be a massive cap raise and dilution in the 2-4 cent mark- if they are lucky.
DTE Price at posting:
5.8¢ Sentiment: Sell Disclosure: Not Held
