Another resignation, another rat fleeing the sinking ship.Less...

Another resignation, another rat fleeing the sinking ship.

Less than 100 tuna still alive (I'm assuming that if it was over 100 they'd have said "over 100", and 'approximately 100' means 'not too much less than'). Is this still an improvement on last year for the same age/size/stage?). That's over 60 deaths out of only 160 fish since we were last updated.

35% of the YTK are dead, the rate of death is currently 3% per week and *INCREASING*! The fish left are experiencing poor growth. Put those two figures together and you have a dire situation. Prices are high, but that's what happens when supply dries up.

The one positive (at least it's positive relative to what I was expecting... as long as it's true...) is that they have enough cash to last to the end of the year. Not that I can see it being enough to keep the company solvent in 12 months time, but it should mean they go into administration next year rather than this year (which is probably a negative if you're buying with the hope that in liquidation they'll be worth more than the current SP).

The research project is showing no signs of progress, and the cash cow is seriously ill. Less than two thirds of them remain, and those ones are sick/infected - how many will be culled, and will this solve the problem? We don't know yet. Even if they had the ability to make a screaming success of next year's SBT, I can't see how they could fund it. No one with enough money to cover it would be willing to put it on the table, and it would be happening after the last of their cash is burned.

Interesting to see the market's reaction to the first announcement for so long (nothing). I take that as a sign that everyone willing to sell due to the warning lights and sirens has sold. It is hard to imagine any buying now, and the holders are holding tightly.

This should continue to be an interesting one to watch. The share price seems to have settled, and liquidity is lessening, but a lot is going on behind the scenes (I say behind the scenes 'cause we don't get told all that much). With so much cash burn they're either going to die or a miracle will come and save them. Best case scenario I can imagine is the rats all fleeing the sinking ship and the new board abandoning the tuna to focus efforts on the YTK (in the event that the disease issue is solved) or converting to another profitable species.