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Ann: Results of Meeting, page-39

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13/12/21

19:04

Post #: 58264658
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Originally posted by stevenjd: ↑

i'm getting my capital back, break even for now.
I think there is a genuine risk of the spin out delay, running into a CR.
There are only a couple quarters of cash before a raising is required. They must have at least one quarter of cash in the bank at all times, so you cant run to empty
last Quarterly they had 5.3m in cash remained, and 3.2 quarters of estimated cash servicing.
One of those Qs is almost used, leaving 2.2, and that really only leaves them 1 to 1.5 more quarter before they hit the MUST raise money trigger.

If the demerger is Q1/Q2 next year, that is cutting to close for comfort, and i reckon that explains the sell off.

I dont know what has delayed the demerger. But, the 35m debt overhang would interest a predator if the assets became distressed. (company liquidating)

Red Flag, and err to caution for now.
GLTA.

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Great post. I'm down on my initial investment now and see little upside in holding any longer when there are many better opportunities out there.

AJQ Price at posting: 1.8¢ Sentiment: Sell Disclosure: Held
2 Upvote

0 Great analysis

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