Not the same old - as there are positive takeaway!!
Commentators were saying before the quarterly was released: "The cash burn should be similar to last quarter's $US13.4m, taking total cash at end Sep down to just under $US50m. Of that, only $US25m is spendable."
Actual per the quarterly: Net operating cash spend was US$10.5mm for the first quarter down 26% year on year. Cash is US$51.1mm with an additional US$60mm available from existing financing facilities on Ryoncil approval.
The Board has signed off on this and to do that they must have a reasonable believe that the statements are true! If anyone does not believe the Boards statements including their expectation of a Ryoncil approval then they should not be a shareholder. If anyone wants to front run a rights issue arguing that the company has no financing in place then they should not be a shareholder.
MSB Price at posting:
$1.33 Sentiment: Buy Disclosure: Held
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