Contrary to what you may believe, I have no interest in purchasing shares in EN1.
IMO the company ongoing business model is floored and ultimately unsustainable in this current economic climate.
If management don't start take massive action to reduce costs of ongoing operation, not just token measures announced of the deferring office rent, all board and director compensation, technology and infrastructure vendors, consultants and equipment leases as announced, then the financial mess the company has created will only become worse for existing and new shareholders as EN1 continues with the path of payments to creditors via share issue.
As the share price slips the ongoing erosion of shareholder wealth becomes even more tragic and inevitable.
The BOD need to proactively start supporting the company and its shareholders, this would include on market purchases, reducing BOD salaries (20% would at least be a token gesture), immediate repayment of outstanding director loans too Mr Ted Dhanik (USD$1,191,163; AUD$1,700,204) and Mr Andy Dhanik (USD$65,277; AUD$93,173) to strengthen EN1's cash position.
By the company's own admission, it opportunistically took advantage of the SBA PPP Loan made available by US Treasury, putting itself in a difficult conundrum of deciding wether to keep or return AUS$675K that it more than likely no longer meets certification for.
Happy to sit on the sidelines and watch the inevitable play out from here.
