As I posted a few times, Ron was very unwell. Not just "tired" as someone wrote.
Hopefully the recapitalisation will be a rights issue. Something like a 5 for 1 at .005 to raise $8.5M and then a 1 for 20 consolidation as part of the recap. $8.5M in the bank with 100M shares on issue at post raise/consolidation price of 10c giving a market cap of $10M and an EV of $1.5M.
TTT did similar. Was trading at 6c. Trading halt. Did a rights issue at 1c (80% DISCOUNT) but didn't consolidate post raise and it's now back at 6c+. Fantastic result for those that followed their money at 1c.
Ann: Change of Leadership & Company Secretary, page-12
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