Walker will ice the burn the day he is appointed. The key is how...

Walker will ice the burn the day he is appointed.
The key is how long before he gets his hands on the keys and how much cash will be left.
34M in the tin at 31 October, they are smoking 1M a month, say 28M left by the time he can stop the bleed.
So 22 cents cash per share.
With that team behind it should get re-rated to 28 - 30 cents.
The other positive for existing shareholders is that if the race is close there will be buying to determine the winner.
Guessing though Merchant and Walker wouldn't put their hand up unless they had the numbers already.