Problem is Nov's inception was in an era of cheap money. Costs...

Problem is Nov's inception was in an era of cheap money. Costs to run Nov inclusive of remuneration of execs and so on is not a problem, when cash is cheap and money's a plenty.

Now wind the clock forward 6 or so years and Marry that up with reckless fiscal management and you have a company standing in the quicksand, the tides gone out and they don't have any swimming toggs on.

Cap raises are more desperate and of lesser amounts. they will have to pay 10% on that 3.5m if I read correctly. They have had to offer shares at a 28% or thereabouts discount

does not sound confident to me. It's as dire as it gets other than full capitulation.