Same highlighted in each analyst report that any recovery would...

Same highlighted in each analyst report that any recovery would go straight to the bottom line and cashflow.

Valmec has never told us what the bank covenants are, so not sure how Velo can conclude they are breached. I would suggest that given the headroom in facilities as per the Audited Annual Report they have full support from their financiers.

Stock price suffers from insufficient updates, although recently getting better, past profits not resulting in cash accumulation and Directors/ Execs holding too much stock resulting in thin trading.