not a long way off that at the moment12c implies a MC of ~30m...

not a long way off that at the moment

12c implies a MC of ~30m and given their performance over the last 4-5 halves since the logistics business was sold off leave s a lot to be desired and arguably even that MC is questionable (at least given their current revenue run rate and profitability.......in fact revenues have been improving over the last 24 mths, but so have the losses).

I suspect if they don't secure a major contract in the next 3 mths, I can't see how they continue as a business without raising money.....and this is probably partially why the share price is falling (just no catalyst pointing to a change)