6 million, thats way more then i was expecting but its not huge...

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Keith2

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14/12/23

09:00

Post #: 71439982
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Originally posted by BH31: ↑

I don’t think they’ve banked the money, I think costs escalated and they thought they had the $2m coming to get them through to the new year and when it didn’t come through they were left unable to pay creditors when due. The board send it to administration to avoid personal liability, but time with creditors and HOPEFULLY raise the capital they need to get back up and running.

whether it’s DOCA or returned to the board by being solvent (big capital raise) the share price will get whacked but at least it gives shareholders a chance. I am not sure if it was deliberate or an oversight but the announcement stated the options were liquidation, DOCA or return to board as solvent, not sale.

The fact Green Farmers are wanting to deal with them even though they’re in strife also makes me wonder whether they’d be a key investor in a capital raise. Good chance to invest at basement price and help bring them back. Looks much more promising than it did two weeks ago, but have to wait and see.

Strangely Cannabiz has a headline article (can’t read it all) saying creditors have exceeded $6m. That’s not a great sign but hopefully between a raise and arrangements with key creditors they can work it out.

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6 million, thats way more then i was expecting but its not huge in the scale of businesses.. Can is in 70mil+ in debt

the good thing is, all we have to do is make 60 orders and we're even lol..

Last edited by Keith2: 14/12/23

BOD Price at posting: 2.4¢ Sentiment: None Disclosure: Held
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0 Great analysis

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