18c is around current cash backing. If the quarterly this month doesn't show much pick up or change in future cash burn, then it'll drift down to 14-15c, which will be cash backing after the next quarter.
I'm interested to know why Merchant dropped their board spill. I think we'll see quite a big reduction in cash burn in the next quarter (Feb-Apr) as part of Merchant agreeing to drop their board spill. Wouldn't be surprised to see it slashed in half (sub $2m) and forecast positive cash flow by year's end. That's about the only way they are going to return "shareholder value" in 2017 as they stated in December last year.
1PG Price at posting:
18.0¢ Sentiment: Hold Disclosure: Not Held
