Just flicked through the prospectus will go through it in more detail later .... My initial assessment is Thorney and the Underwriters are welcome to take up my entitlement. $25 million raised and debt only falls by $ 4 million, seem like a bit of a joke to me. While I like the pivot away from farming and think it might be able to work this does not seem to reduce any of the old risks. Any meaningful change seems to hinge on the sale of Fifth Street and Nagiloc by the end of this year, cannot imagine that is going to be easy, at least at sensible prices. In the prospectus talk about being cashflow positive next financial year, did not see anything that put hard figures as to how that might be achieved and by what magnitude.
They will live to fight another day .... but at first glance tomorrow does not look much different than today.
MRG Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
