Another negative ASX release issued after the close just before a break!
A few points:
1) Why wait until now for this release when the drawdown was 11 days ago (20 December 2018)?
2) Inputting the figures into the Black-Scholes model, using expected volatility of 64.8% (from 2018 Annual Report pg 104), values these Investec options (strike 22c, expiry 3 years) at ~ 7.2c each; ~ $180k for 2.5 million options.
3) $2.5m represents almost 2 quarters of HAV's forecast outflows.Why such a large drawdown in a lump sum? So HAV can pay Investec more interest?
4) Upon learning more details of HAV's facilities, its cash burn was estimated using then available information (Post #: 36791549). It was estimated HAV would be drawn down $0.7m by now (including NAB overdraft). An Investec drawdown of $2.5m (plus NAB overdraft) puts HAV at least 4 months ahead on the estimated drawdowns.
HAV better hope Radford/CMC pays up.
The EGM can't come soon enough! Reminiscent of "Tony Abbott [being] 12 votes away from losing the prime ministership to an empty chair" in 2015.
Surely, the walls must be closing in on this Board and Management.
DYOR
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Last
23.5¢ |
Change
0.010(4.44%) |
Mkt cap ! $74.41M |
Open | High | Low | Value | Volume |
22.5¢ | 24.0¢ | 22.5¢ | $92.88K | 408.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 21997 | 23.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
23.5¢ | 25477 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1997 | 0.230 |
1 | 45422 | 0.225 |
1 | 12636 | 0.210 |
2 | 222456 | 0.200 |
1 | 5220 | 0.190 |
Price($) | Vol. | No. |
---|---|---|
0.235 | 25477 | 2 |
0.240 | 149135 | 3 |
0.245 | 89934 | 1 |
0.260 | 29889 | 3 |
0.270 | 14814 | 1 |
Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
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