Ann: Close of Rights Issue, page-26

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josiejow37

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23/03/24

13:33

Post #: 73025534
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Originally posted by smellyfingers: ↑

Well I don't take it personally that you don't pay much attention to me @josiejow :] but my math is pretty much straight forward and I would be interested to understand how you come to thinking that RHY is now flush with cash until end of December as you say it is ???

My math is this and I have adjusted this to be a little more generous than I previously posted.

Its all there in the RHY reports and reads like this.

Cash at 31 December 2023 = $1.2M
Add cash from Rights issue = $2.4M
Less cash burn for March quarter 2024 = ($1.5M)
Less liabilities at 31 December 2023 = ($0.7M)

THEREFORE Net cash at 31 March = $1.4M

As RHY shall have LESS than 2 quarters cash on hand at 31 March they will have to address this in Item 8.6 of their upcoming Appendix 4C.

This assumes that they do NOT receive their $1.2M ATO rebate for reclassifying the ColoSTAT stock to RUO by the end of next week. Just on this point I have spoken with my tax accountant here and she is of the view that the ATO may not look favorably on a retrospective reclassification by RHY and subsequent claim [LIKE IN REJECTING THE CLAIM].

Also RHY stated that they expected to get some additional funds back from overseas R&D spend. My advice here is that to be eligible to claim any overseas R&D spend RHY would have had to have received an "Advanced Ruling" from the ATO prior to the start of the FY23 [like before 1 July 2023]. Did they do this ?

Finally a stock broker friend of mine thinks that as Fidelity chose NOT to support the rights issue [as can be seen in there being no appearance on the Options top 20 that RHY has disclosed] it may create significant headwinds for them or PAC Partners gaining investor confidence to take up the shortfall shares they need to place to stay in business.

As I said I am happy to watch from the sidelines here.

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Not sure where you get cash burn for March quarter $1.5m? March quarterly hasn't been published yet and the Dec quarterly states running costs are $300,000 per quarter. The capital raise costs are $76,000.

And still 3 months to go for the capital raise...

RHY Price at posting: 9.3¢ Sentiment: Buy Disclosure: Held
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