Ann: $70m Fully Underwritten Placement and up to $5m SPP, page-120

If i remember correctly the last CR was issued just after the $33m contract ann in june 23. (Using price increase to support)

That CR was oversubscribed buts its basis was to fund pre orders for chips et al to manufacture to stock.

This CR has the same theme.

I note $37m of stock being purchased for future orders. At 80% margin thats $67m order to be ann?

I also note the comment that debtor proceeds for q1 substantially received so cash on hand now $57m + $7m. Less orders to purchase so around $20m in the bank. 100 staff etc probably prudent to get cash now to support growth into europe.

Although not stated i expect a broadening of manf and warehousing into mainland USA and Europe. Both would require working capital of this magnitude for property plant people and tech

Re what is a suitable amount of cash for working capital? Burn rates are needed for new facilities and stock build. To me working cash flow is not excessive if being ulitilised to grow.

Thats what i see here.