Pretty pxss poor if you asked me. Does not seem to have any immediate need for cash, yet they have managed to execute placement at 5 year low share price and provided no opportunity for existing shareholders to participate . What is more the pick up in sales that was being talked about a month or two ago is nowhere to be seen just told jam tomorrow .... the explanation of the rational for the placement is so short and weak, to the point where it may have been more convincing to have given none at all. No mention of how they are going to move toward profitability, no mention of how they are going to bring under control the never ending IT and special project spending .... time for the board to take a long hard look at themselves, both their obscene cost for a company with a market cap of 19 million and their effectiveness in being able to shape a profitable and growing business.
CGS Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
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