The $96,700,000 AUD Cash is there all right, the "investment" was in a 90 day Term Deposit (or such like) and the accountants classify that as an Investment not Cash. Check page 1 of latest Quarterly 4C Release on 30 Jul-18. It clearly states (as copied below) the company has the "cash". This cash represents 51 cents per share CASH BACKING. The share is trading at 39 cents.
The Company however, ended the quarter holding substantial liquidity with cash, cash equivalents, and bank term deposits of $96.7 million.
So if, as per yesterday's AFR article (trying to redeem themselves for creating this train wreck in the first place with their $300 million plus damages estimate - now $2 million), GSW is less likely to hand over a large chunk of their cash to the ambulance chasers (lawyers mainly cash in on Class Actions) then that makes GSW pretty attractive, just in case the software is real. So far many significant sized organizations have looked at it and liked it enough to sign an agreement to either use it, or undergo up to 19 month integrations to dozens of systems (NA Williams and CBA). Fidelity and other PROFESSIONALS liked it enough to pony up $75 million at $4.00 and a strategic investor offered an additional $40 million, which GSW declined. The really best part of the whole story is that in Apr-18, months after the fall in stock price (thanks AFR), two Board members joined GSW for NIL Salary only OPTIONS - one with the Order of Australia on his resume and the other a Lawyer from Viacom (think Telstra on steroids) who has expertise in dealing with CA suits. GSW is currently represented in the CA case by the ex Australian Attorney general. Do you think these guys would come within a continent of GSW if it did not have an excellent chance of succeeding in not only the CA but the SAAS business.
Think of GSW stock at 39c, as a permanent Call Option (does not expire), trading at 23% (51 c cash - 39 c last trade) LESS THAN THE CASH on what could well be a $5-$10 stock in the next year or so, should the CA go away and the software adoption take off.
DYOR, GLTAH.