Ann: Ceasing to be a substantial holder, page-4

Cash at 31 Dec 2019 was $20.1m. At 31 Dec 2020 it was $11.5m. That's how I calculated burn of $8.6m. I accept E&P on the increase but you can't escape this is a business that heavily invested in capacity in a location that does not have proximity to either customers or raw materials and has now sold off its property and plant assets to survive. Working capital required for this business is significant and I suspect banks would find it hard to fund given recent financial performance. NWC is ~$6.8m and will increase before there is any cash returned to the business. Also just noticed they have stopped reporting cash adjusted for customer deposits which they previously did. So of the $11.5m cash they report, only $10.3m belongs to them. I still consider this will need a cap raise to fund wc and kick start any improved performance.