''DD, that was my initial reading of the CN ann from when it came out. What confounded me were all these speculative variations that weren't apparent from a straight read through. Maybe others were reading something more into the announcement, maybe between the lines''
Chillam,
IMO it is very simple - This CN was a last resort attempt to secure working capital going forward
With an EBITDA of $1m plus a month so they say - this approach has done shareholders no favours
Management have stated many times for the last 8 or so months - since Track acquisition that debt refinance is a major focus going forward
Quality banks or institutions perform proper DD on the business model
IMO,
The fact that CM8 have resorted to a CN with many conditions from 2nd or 3rd tier financiers ( venture capitalists )for many start ups or early stage growth companies- clearly indicates that the business model does not cut the mustard for a multi year loan or facility with low market interest rates from a quality bank or institution
IMO, it is very difficult to sugarcoat this CN - hence no support at these new all time lows
DYOR
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