It seems to me they they were pinning their hopes on an early adoption of P3 in the Agricultural Sector, which hasn't happened.
Development of LumiMEMS is also on hold.
We are totally dependent on Hydrix income, which is falling short by about $1.5 million per quarter for us to break even per annum.
They have two loan facilities so can draw down on cash, but one is a secured loan against Hydrix assets...
We have no idea how or when the Cap raising is going to be implemented.
For these main reasons I have dumped 95% of my holding this year.
Ann: Appendix 4C - quarterly, page-11
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