game over, page-5

if you need some hope to cling too - SRA is one company that has been through VA and looks to have come out the other side.

Although not quite trading again yet.

They didn't even have to issue all that many shares to creditors to get the thing under control by my quick review.

But they had an OK business that when times were OK was actually reasonably profitable.

So - what will it take to get PLT listed again?

I will take a punt that it is a combination of:

1) Agreement from convertible note holders to swap their notes for equity. This won't be done at 7 cents anymore, but it could be done.

2) A good chunk of the creditors to also accept a debt / equity swap. You need to know who the creditors are to know whether this is a chance. The PLT landlord? ATO? Presumably the SUS manufacturers? Have a think about it - which of these would make the swap? (the only certainty i would reckon is that the ATO would NOT swap). I haven't looked at the balance sheet in a while or tried to extrapolate to the current date, but someone should try to get their heads around the current liabilities. How much would they be? My guess (and it is only that) would be $3.5 million.

3) Get enough cash into the tin to get the creditors who don't accept debt/equity swap under control & to fund the ongoing requirements of the business for a decent period of time, like 12 months. Let's assume that they can get the burn right back due to stronger performance from Truscreen and totally cutting back on other projects. I will take a punt that they still need $3 million to have any prospects at all. Of course, if sales are truly running at $1 million per month, and the cash is coming in the door, the situation might be a bit brighter. But my hunch would be that the cash hasn't come in yet.

Hope that helps you get your heads around the challenge. A few moving parts. Not impossible IF the sales are building and the cash is coming in the door. This remains the critical unknown but today's release contains just enough hope to keep the dream alive.