They have about $10m in the bank, maybe less and cash burn continues, so things are probably getting a little tight. Financiers would probably have wanted a bit more in the kitty as opex breathing space until drawdown happens. Plus a bit of self interest by the Board.
It has been an interesting ride watching the SP being "massaged" down but I guess at least we all get another bite of the cherry at lower levels if we want.
A bit galling for long termers that sophistos get a big discount but that is the way of the world unfortunately. Retail last in line much like Oliver Twist, can I have more sir !! Suppose diversity helps in protecting against unwanted hostile bids. Lessons of Finders perhaps.
SP might wander a bit but there is now a lot of momentum building in this beast to keep it down for too long I suspect. The SP reaction at the offtake shows a bit of pent up demand at least. As long as program is maintained. Critical. Time will tell.
Cheers
CYM Price at posting:
16.0¢ Sentiment: Buy Disclosure: Held
