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.
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- AFR Article - 1-Page appoints Merchant's MD to the board to head off corporate raid Read more: http
AFR Article - 1-Page appoints Merchant's MD to the board to head off corporate raid Read more: http, page-41
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