To their credit they have managed to reduce back their costs. It wasn't long ago that 1m raises only lasted a few months. This is along side increases in revenues with Spark.
In their last announcement they said they'd come to shareholders for approval in issuing stock so I fully expect a special meeting to ratify past share issues. They'll have to because as you point out they run out of capacity before their next general meeting. I also expect another free shares grab for Paul if and when this meeting goes ahead.
We don't know what Paul has tried. He may have approached underwriters for a larger general raise and rights issue which was knocked back. Certainly the last one was a massive failure. You wouldn't want to risk that again. And with the markets doing what their doing a 5% fall over the duration of a rights issue is probably likely and would give the underwriter a trigger to back out again.
As Billy says, now is a horrible time to be a bad business, undercapitalised, no cash, negative assets and losing money.
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Mkt cap ! $15.20M |
Open | High | Low | Value | Volume |
3.2¢ | 3.2¢ | 3.2¢ | $2.912K | 91K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 200000 | 3.1¢ |
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Price($) | Vol. | No. |
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3.5¢ | 45000 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 200000 | 0.031 |
2 | 190000 | 0.030 |
1 | 200000 | 0.029 |
3 | 750000 | 0.028 |
2 | 750000 | 0.025 |
Price($) | Vol. | No. |
---|---|---|
0.035 | 45000 | 2 |
0.039 | 145537 | 1 |
0.040 | 100000 | 1 |
0.041 | 123849 | 1 |
0.046 | 21759 | 1 |
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