Just a few thoughts on PSZ to be pondered:
1) There is a $9m debt facility with ANZ. At Dec 31, $4.9m had been drawn down
2) Deferred consideration at Dec 31 is $18.8m of which $12.8m is due in next 12 months. This may change if there is a change to the forecast used to calculate the amount payable.
3) Reports says that deferred consideration may be settled by issue of new shares (note 8).
4) Net cash from operation activities was $1.7m for the 6 months to Dec31
5) Cash and equivalents at Dec31 $5m
My questions centre around how the deferred consideration will be settled. If they pay the deferred consideration by way of cash they will max out the credit card and cash at bank. Does this mean they will need to raise more finance via bank? This may be difficult as net tangible assets is <$0. Or they may issue more shares to the vendors meaning there is potentially an overhang of shares (subject to escrow?). Alternatively they may tap existing shareholders for cash via a cap raising.
Interested in other peoples thoughts.
All of this is my opinion and please DYOR!
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