Agreed. The 4C commentary is badly written. There's been so many messages from the Board recently about customer growth but the 4C outcome doesn't reflect this... noting October receipts looks more positive. Cash burn remains massive because they've paid out debtors. Presumably they took the bank balance to the limit before the SPP raised funds.
Also, I'm still puzzled by the loan referred to in the AGM resolutions which I can't find in any 4C... but perhaps I've missed. Where's the explanation of this??
This 4C was an opportunity to explain (in more detail) why shareholders should take-up the Entitlement Offer. I think it fails to do this. But I'm participating in the Offer because I think there's something in the wind around ZZL (as I've previously outlined).
The messaging around the Board members not being paid means we can expect resolutions at some stage to issue them a wad of shares. But hopefully, new major shareholders will sort out the Board.
Yak.
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