No surprises other than they are still alive, just.
I expect there goes Albany.
At the date of these financial statements, the Group has:
• Commenced planning to raise capital in the short term via a new equity issue;
- Good luck, why on earth would anyone trust these guys with their money going forward.
• Received a cash offer to purchase its remaining interest in the Northam Solar Farm;
- Shareholders were lied to about the value and benefit of this project. This was a white elephant as I have suggested, the fact that it is being off loaded for SIGNIFICANTLY less than it was built for highlights that and shareholders that came in on the CR under the false promises of Northam have a right to be extremely angry.
• Received confirmation from HFM Investments Pty Ltd that they will not seek repayment of their unsecured loan before 31 March 2019 which is anticipated to be after the completion of the proposed capital raising;
- On face value they can’t pay so technically trading insolvent.
• Held preliminary high-level discussions with the EMC Convertible Noteholders.
- Good luck with discussions, Buckley’s and none is my guess.
What an exception acquisition EMC was!!! What a complete, total and utter joke!!! Conned!!!
Finally, the comment about the negative media attention. This business has lied, misled and failed to disclose on countless occassions. If you think the scrutiny is bad now, I expect you haven’t seen anything yet.
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