Their cash movement (decrease) was basically driven by working capital movements - receivables/payables is just a timing difference, and they had some inventory build up as well. I am assuming the inventory spend related to Vector and the introduction of the Playertek+ product. Capex was slightly down on last year. Their post balance cash amount was $20.5mil as they collected the receivables. IMO a capital raise should only be used for acquisition purposes as there is sufficient working capital in the business given the overall cash flow trajectory.
Ann: FY19 Results Presentation, page-86
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