Wow.....!
Underlying EBITDA decreases from $10.9 million to $3.5 million.
My goodness, what a disappointing set of full year results.
My question is how Domenic managed to convince a sophisticated investor to take 5.5 million of his shares of his hands for 0.18, October 2017..?
That's a fairly serious loss in my mind.
I had a conversation with Domenic in September of 2017, leading up to the change of reporting to 6 monthly from quarterly.
He assured myself that the track business had stabilized.
At that time the share price was 0.22 - 0.24.
I could have exited with a small profit, as I was thinking.
Based on that conversation I decided to hold and have since closed the position for a 90k loss.
Expensive lesson to be learnt.
Always trust what the chart is telling you.
Always get out when a director sells (even if for tax purposes)
If the director tells you one thing and the graph is suggesting something else, trust the chart.
CM8 were nett debt $1 million 12 months ago.
Subscription revenue was $40 million 2 years ago, now it's less than $14 million.
If Domenic was serious about turning his sinking ship around, he would be doing more to stem the losses.
ie. Taking a wage cut himself along with the rest of his staff as he just announced.
I see another raising coming, more than likely by way of convertible note.
Good luck remaining holders.
Lute
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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2.0¢ | 981401 | 5 |
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7 | 1301058 | 0.017 |
5 | 1467500 | 0.016 |
3 | 2000000 | 0.015 |
5 | 1601225 | 0.014 |
Price($) | Vol. | No. |
---|---|---|
0.020 | 981401 | 5 |
0.021 | 1649161 | 5 |
0.022 | 1231228 | 4 |
0.023 | 1965214 | 7 |
0.024 | 606883 | 3 |
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