Not a promising half yearly report.It appears that the future...

Not a promising half yearly report.

It appears that the future for the company depends on a successful capital raise and I can not see how that will succeed with out some changes at the top.

From the outside looking in, it looks like they have over committed themselves with the cash resources they had available. Obviously no planning and budgeting.

Without a CFO no surprising they ran off the rails and out of cash.

The CEO has a poor history of financial management and it appears to me, he has been given to much authority to advance the company without proper scrutiny.

Also concerning is that Grant Booker has withdrawn his loan facility to the company. He used to be a strong supporter of the company.

It would have been positive if the CEO and some other executives had been prepared to cut their wages and entitlements to support the company through these difficult times. After all they were responsible for the mess. However no sign of their support. So their strategy now, will be to put out their hand to shareholders for more cash.

The auditors wish to resign according to the directors report.

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