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Ann: March QTR Results, COVID-19 and Withdrawal of Guidance, page-17

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273 Posts.

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07/04/20

10:47

Post #: 43922629
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Originally posted by Access2020 ↑

That’s a great question HR. It all comes down to how much they need which is difficult to exactly know as we don’t know the demand for the seniors watch and how much stock retailers will order. We can make assumptions though based on the present watch and 1st year demand to provide a guide.

Back to your question. Unfortunately due to their loss making history the major banks won’t touch them.

One possibility is that they go to whoever is providing their convertible note and potentially ask for a bit more. That does increase leverage on the balance sheet and increases risk which is exactly the opposite of what a company should be doing in times like this as con note holders rank ahead of equity holders in the capital stack.

But if the amount is low, say under $1.5m then that would/could be a valid solution. They have $250k undrawn now which will get used.

A small increase in the con note, directors/employees taking shares instead of cash and further cost cuts is why I don’t have a CR at 100% certainty.

Expand

Cash and cash equivalents $5,040,114
Trade and other receivables $4,161,662
Inventories $685,273

Convertable note still available $250,000

I would actually call that an enviable balance sheet

As of half-yearly

MWR Price at posting: 10.0¢ Sentiment: Buy Disclosure: Held
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