Quarterly due by the end of the month- this will be very interesting. PPY are 'on wood' or should that be 'on veneer'!
They had $1.4 million in cash (and about 700k in potential grant money) in the kitty at the last Q report- Sept 30. With a cash burn of about a million a quarter that would leave just $400k at New Year's Day. And probably $1k at end of January.
I said in November (http://www.hotcopper.com.au/post_single.asp?fid=1&tid=1318985&msgid=7438406) back when the price was 20 something:
"* They've only got a million dollars left plus possibly 700k in grant money (which has to match spending). There are heaps of staff to support- there HAS to be either a white knight (WHO....the Egyptians????) or a capital raising in the next 2 months (my guess CR at 12c ps) or they are cactus."
So.... now three possibilities:
1. A technology sale to Egypt. 2. A capital raising at a deep discount. 3. Insolvency....
All will be revealed soon.
PPY Price at posting:
14.5¢ Sentiment: Sell Disclosure: Not Held
