Yes unfortunately you are. They have loans of around $30m and they owe the ATO $8m that’s why they are getting valued at only $5-$6m. Let’s hope they can sell one of their large assets for around $40m at least to ease this debt burden. They have sold 2 x $3m assets but that’s not enough. Need to break the back of these high interest loans. At least these new guys have reduced the overall corporate costs by $4m odd if we can believe what they say. Jetty Rd sold for $3m and now Adelaide Hills Cider for $3m but that just gives them a bit of breathing room. AGM will be interesting, let’s hope they got some good news to share then.
MCL Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
