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11.5¢ valence industries limited

Thanks for the correction Zog. I would suggest that Chimera...

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m0ngy

10,075 Posts.

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01/02/16

18:55

Post #: 16916529
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Originally posted by zog ↑

The company is actually -$10k cash as the SA government has allowed them to draw $622k from their rehabilitation bond (of $1.709m) and they now have only $612k left in their account ($1.097m in their rehabilitation bond). The current monthly cash burn is~ $500k/month (with $5.1m debt). This means that they must be on their uppers now with ~$100k cash. I can't get my head around why Chimeara allowed them to borrow a further $1.325m when they had defaulted on their interest. I still see the directors are paying themselves $134k a quarter (I hope CD did not get a termination payment - assuming he went). I can't see what has happened to the trade creditors and outstanding (and unpaid) interest payments - nothing stated; a few questions to be asked?

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Thanks for the correction Zog. I would suggest that Chimera allowed them to borrow a further $1.325m when they had defaulted on their interest to strengthen their claim to the company. Would not surprise me if they end up the owners. What a disgraceful affair this has been. I've been suspicions and negative for months but totally underestimated the deception seen here.

My opinion only, DYOR

VXL Price at posting: 11.5¢ Sentiment: Sell Disclosure: Not Held
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