Well they only had $280K at end of September, which was one month ago, having burnt their way thru $4m plus in the prior 3 months. Their $3m loan is fully drawn. One month on they must be out of cash or living off their creditors which you can only do for so long!
Look out for the heavily discounted and highly dilutive raising, must be only days away.
I have consisently thought this was coming, check my prior posts, and I do not hold stock. I have simply been keeping an eye on this one as I have always felt that the market would soften with the time lagged decline in building construction, another raising needed, then possibly time to look at it next year (providing the likes of Yeudall no where to be seen!)
Certainly going to be text book stuff regarding poor disclosure of their trading position. If I were a shareholder I would be ringing the company to find out why they were so lax in telling us how bad it was going, trying to gauge how closely the cashflow equals the P&L, and also asking them how they are going to survive.
The above simply MHO do what you think is right with your investment.
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