Did anyone that bought today actually read the September quarterly financials??
I think I know why the shorts are piling on, the company could be nearly out of cash entirely. They don't have 5 months for bonds to be rolled over. The cash outflow last quarter was $US32M and that was after drawing down $US20M from loan facility.
That left $US27M in cash and $5USM of the credit facility IIRC. Without drawing down the facility last quarter, the cash outflow would have been $US52M.
If they run out of cash, game over. $US753M total liabilities. Company losing cash hand over fist.
I personally would sell every share I could as some large holders are doing. IMO this could go to the hands of administrators at any time, explains to me the huge selling for whatever they can get.
I wouldn't even look for a short term trade on this, as I was thinking earlier.
The emporer has no clothes, page-146
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Last
$9.52 |
Change
-0.085(0.89%) |
Mkt cap ! $2.856B | |||
| Open | High | Low | Value | Volume |
| $9.87 | $9.94 | $9.49 | $6.592M | 682.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 10 | 2354 | $9.51 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $9.52 | 1060 | 7 |
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| Last trade - 11.34am 07/11/2024 (20 minute delay) ? |
| PDN (ASX) Chart |