They got rid of their finance manager a few weeks ago, or he ran for the hills. They have maxed out all their loans with very little progress to show for it. It was plainly obvious from their 4C report that they are in trouble. Very little cash coming in from their service business and energy sales to Origin. They had someone revalue Lakeland which generated an artificial profit. Now it's on the market looking for a real buyer so expect a loss coming up. The Chairmans kicked in some coin and he will be high on the creditors list. If they did a CR they would have to contribute themselves. It's that bad, we doubt if the likes of Clean Peak Energy would even look at the carcass? This should have been a price sensitive announcement!
MPR Price at posting:
1.4¢ Sentiment: None Disclosure: Not Held
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