Ann: FY22 Growth Plan Investor Presentation, page-8

I'm not saying there's definitely a CR, just at least a 50% chance of one.

They have already raised cash recently using their convertible Accuity facility; nobody here does any research though so wouldn't have noticed.

I invest based on probabilities and believe a placement is likely to fund the order book growth.

Have you looked at the balance sheet yet?! The net cash figure is nowhere near $13 million.

I've been burnt so many times over the years with unexpected CRs seemingly coming out of nowhere. Even companies that say 'no CR we have plenty of cash' often do so a few weeks later!!

Even if we assume they have a decent cash balance and that the Iron Bridge contract is cash flow neutral, the other recent contract wins will likely require additional funding to complete. They have done a very good job at securing large contracts on favourable (cash upfront) terms but at some point, either now or soon, the balance sheet will be stretched too far IMO.

If people looked at the annual report (including the notes), they would have a much more balanced view of the company IMO. There are many hidden gems in it - both positive and negative.