I agree; I read MELs 4C and they have $280k odd cash remaining and aren't cashflow positive. Cant see Glennon tipping in the hat again.
Although VEN is raising $2m, only about 700-800k of that appears for remediation so MEL as a JV partner would only need to tip in $400k of this. But would the remediation be cashflow positive and pay itself off in a short timeframe? Thats the question for MEL and in turn if they don't agree to the workover, then whats the status for VEN?
With $800k-1m of the raise for working capital, I still cant see VEN being in a much better position at the end of the next quarterly or June quarterly. Pretty much terminal here; thankfully was able to get out for cents in the dollar today and at least get some cash back. Cant see someone really lobbing a decent offer to make it worthwhile for me to risk the remainder or the capital (or having to wait for a ruling from administrators/ATO I am able to do so).
Additionally, the clock is ticking on the $10 million PURE loan with a 48 month expiry, drawn between 14 June 2022 and 30 June 2022. Thus this is due for repayment or refinancing mid next year.
VEN Price at posting:
0.5¢ Sentiment: None Disclosure: Not Held
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