Lucky the cupboard is full, page-19

So, given BMM is our largest cornerstone shareholders (20%), can you see a problem with your proposition that underpins the argument they will want their money at CN maturity?

The problem with that argument is two-fold:
1) It assumes that BMM will want to be repaid in full in Sept, regardless of how that might serve to act against their own interests (i.e. their large existing equity interest in the company and also by extinguishing their right to convert for more equity down the track); and
2) It assumes that, in the extreme unlikelihood of that happening, we will not be able to obtain rollover funding from another lender.
There are additional holes that Bacci has also highlighted.

Even at POS' nuclear winter low point (1.8c SP, end-June 2017), with only $1.6m in the bank, our EV was twice your suggested $20m target. Have you done that analysis? I have.

I'm all for a realistic debate/discussion, but you need to present a viable argument, otherwise it just smacks of lazy downramping. You're better than that, Littlehumano.