Definately a cock up and a lost opportunity if this goes south
There is evidence that CSD owes money / has debt - there are two court cases I've found involving unpaid bills
Clearly CSD have been buying time awaiting release of funds but what the hell was the hold up that has led us to this sorry state of affairs?
If 'they' were ready to loan after due diligence previously then what has changed to break the deal?
Has settlement actually happened or not ?
Have the goalposts been moved on terms of the loan to CSD or is the loan not forthcoming due to a failure to complete ?
Seems unlikely to be a failure to complete as both SPM and CSD are in administration
I said previously cashflow is king. Even if I believe poor management of cashflow is to blame for being in the red ( but that depends on what was spent on what and for what purpose) then I don't beleive that Ralph et al haven't been trying to seal this damn deal. I'll still (grudgingly) admit they did well getting this far but the lack of info, no matter what reasons, effectively killed the share price to the point where a CR would be dilution suicide.
Agree with a few others that there could be nefarious machinations by some involved but i doubt it would be Ralph
One way or another seems nothing is a dead cert in this game ( just in case you hadn't already worked that our)
Not sure if this is completely dead as too much face is there to be lost, along with what should be a very profitable venture and a lot of cash down the pan ( not only the shareholders) . The voluntary admin looks to have been put in place when talks broke down and is a protection mechanism but what will be next step ?
A tax loss is one thing ( and clearly a bigger thing for some than others) but there are lives out there being messed with in the form of workers and communities. Lets hope they ain't doing it too rough and that something comes of all this
and all this in a climate where metal prices appear to be on the rise and the jobs and growth mantra was all you could hear a few weeks back.
Maybe Bob Katter wants to get some federal money involved to support the venture - ok clutching at straws over
we wait
good luck to all
CSD Price at posting:
2.5¢ Sentiment: Buy Disclosure: Held
