Ann: Becoming a substantial holder, page-26

The debt is post raise. Hence there is a net debt of $54m right now.

Cash amount good, but cash vs debt is not 1 for 1. There are liabilities relating to debt that are not covered by holding cash.

Diamond inv likely covers it but they are not sold yet, can't count it as cash.

As I've posted before, there are concerns in the luxury discretionary market at the moment. Diamond prices are down and inventories are up. I suspect lots are paying attention to this. The market knows more than most, buyers aren't pushing price up for a reason (combined with some who wanted to sell after suspension). Hopefully this changes sooner rather than later