Ann: Half Yearly Report and Accounts , page-6

I reckon MB and team will be fighting hard to get things on track, but I cant see through a few significant issues here:
1] Guys like Finbar are now up in the Pilbara
2] The big construction engineers (Deccies and Co.) get their dongas out of Thailand
3] There has been a major cash shortage in this business so you have to wonder how the rental donger fleet has been maintained (maintenanance is always the first casualty in a tight cash environment regardless of the industry)
4] Possible artificial run down of stock / inventory, as such this cannot recur next half and will likely reverse some and become an absorbtion of cash
5] The recent cap raise has been committed to payoff contractual defaults and not to expand the business
6] With this recent bank breach the bank'll probably want more cash as well.
7] Worst of all is the loss from operations, their costs have increased dramatically, as such can they make any money out of the contracts they are now completing - doubt it.
Based on such a precarious financial position it will impact on ability to win future work as well.
Merge or JV or raise more ?