Holla, I can't share your optimism. To me an extension means that retailers haven't committed funds to NOR in any meaningful way and Pinnacle have refused to guarantee their commitment to the underwriting.
Ten days takes us to the end of November which is 2/3rds through their forecast $875k (spend of $583k) with only $466k. So they are $120k in the hole.
The forecast $875k is itself a 25% reduction on the previous quarter.
If you presume they are going to run out of money by the end of November then their actual spend of $466k adjusted to quarterly outgoings is $700k (ie if their projected outgoings were $700, they'd spend $466k by the end of November).
They spent $1179k last quarter so somehow they have dropped their costs by 40%.
Either they have borrowed money or have sacked a hell of a lot of developers. Can't imagine the cost savings are coming from admin, so it must be R&D and sales that are being thinned out.
Oh to be a fly on the wall at Norwood HQ. A very very small fly keeping his head as low to the ground as possible.
Ann: Extension of Entitlement Issue Closing Date, page-3
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