Quite some creative wording in the announcement. $36m 'raised', but.... in fact, actual cash that has 'firm commitments' is just $20m. $16m is receivables that have been converted... so all that has done is printed shares to replace debt. I think Bryncut move is all about WMC staying solvent at this stage.... must be very close to Admin at this stage (sure... its speculation on my part, but... the announcement implies as much to me anyway). I guess WMC truly is a basket case.
Amazing how WMC has made a miraculous change with their operations.... would be have been better to do it before they raised!
Shocking outcome for all stakeholders really.
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