They need money money money, they are trying hard to put a bit of polish on a turd.
Dad and son own 160m of 220m shares. Mcap $10m. This is a politically correct business model so is it financially feasible?
They tried to raise in December 2021, a Share Purchase Plan and raised a total amount of $173,000 before costs, with 3,460,000 new fully paid ordinary shares issued. The owners participated $60000 however the remainder was a massive shortfall.
MPower’s cash balance was $2.393 million at 31 December 2021. Borrowings $5.3m.
The company’s franking account balance stood at $7.4 million at 31 December 2021. 75% of Mcap.
Takeover? Finance equity? How much do they need to get this up and running?
Anyone have any ideas?
Ann: Quarterly Report, page-3
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