A Top 20 shareholder dumped >450k shares on Wednesday.
The stock has only had two sessions in the past three months where volume has exceeded 600k and both have been big 'red' days (refer to chart below).
Management almost seem disinterested in addressing the Company's cash position and cash flow deficit, and providing shareholders and the market with any kind of reassurance that there is a strategy in place to continue operating as a going concern.
The most recent 4C jolted many shareholders that I speak with – most expected a significant slowing in the cash burn rate. Whilst I maintain confidence in DM there are plenty that seemingly don't believe in his vision and ability to turn the company around at this juncture.
Based on recent 4Cs I can't see the Company remaining solvent beyond end of January unless their is a sale of some assets (preferably non-core) or a renegotiation in debt terms from lenders.
There has been significant improvement at an operational level but the company needs more time to resolve short-term cashflow issues.
CLH Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
