Replaced internally by the CFO. Seems very optimistic to think a second CEO leaving inside 12 months is not a red flag. I think Bowen are being cute trying to show Burton as being cashflow positive. You can't strip out your corporate costs and pretend something is making money, especially when the debt you took on to acquire the asset is not even being repaid yet. Their cashflow table on the bottom of page 8 tries to show the business did +$13.8M total in positive cashflow (95% of which came from the GST refund). But if you add back in the royalties that were due in the December quarter, the picture is very different:
Interestingly, the fact they have had to revise their FY24 guidance quite significantly doesn't merit a mention until page 11 of the report. Most companies would note that upfront, or at least on the bullet points. cc: @hagetaka
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