No if they were on track and going to hit their expected sales and ebitda, then no capital raise should be required.
The other issue is receivables. At the HY receivables of 61m and payables of 39m, net 22m surplus, compare that to the last half yearly of 43m and 50m, net 7m deficit. Looks like they have a collectible issue and it not going to be resolved at the full year.
This has meant liquidity is tight due to working capital and to ensure they have enough liquidity on hand in Q1, they have had to raise capital
No if they were on track and going to hit their expected sales...
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