I think you were right in the first instance about focusing more on their existing markets rather than continually starting up new things. Make the existing markets profitable and THEN expand. It's not rocket science.
Even if BUB draw on the debt facility, it will still cost shareholders in the end. That's $5M more they need to repay, leaving only $12M or 10 months cash burn. It would be OK if the debt was used to improve profitability but as you say, it's instead invariably getting used to experiment or expand in areas that have more cost risk than guaranteed profit.
So ultimately even if NAB is participating it will still be the shareholders who will see further dilution in the CR event.
BUB Price at posting:
12.5¢ Sentiment: Hold Disclosure: Not Held
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