What's up fellas, no comments, still in a state of shock, are we?
Oh well, here is my take on the ann., for what it's worth.
Let's start with funding.
At 31 March 2023 - Item 8.6 - Total available funding (item 8.4 + item 8.5) is $5.166 million.
In addition to this, in April, the Company received a tax refund for FY22 of net $1.18 million.
Tax refund came in after 30 March which was to be expected. However, one poster, I can't remember who, was prepared to bet $100 on it coming in prior to end of Q1. NRZ will not want to be tardy next year, the wheels of government turn slowly and have a lot of momentum.
NRZ now has approximately $6.346 million to fund Q2. Just a tad over the expected expenditure of $5.166 million. Get there by the skin of their teeth.
Now for the nasty bit. If you believe the following form Interim Financial Report of 16/03/2023,
the bills due on the 1 July 2023 amount to something like 45% of DL's
Service Fee of USD 29,265,000 plus unpaid surplus of KBR package.
1. 30% of Service Fee of (USD 29,265,000) i.e. USD 8,779,500
2. 15% of Service Fee (USD 29,265,000) i.e. USD 4,389,750
3. KBR Final Payment of USD 6,214,880
Total Fee as of 1 July 2023 expected to be approximately USD 19,384,130.
AUD 29 million short fall. That's about one third the value of the company, but It could be worse.
Where is the funding going to come from, and at what cost to NRZ.
One for Legman. With NRZ in its current situation, do you think EECP would part with another $5 million? They are probably desperate to get rid of the shares that they are currently holding. Doesn't look good, mate.
Check my figures, fellas. This will do for now. Best of luck.
(20min delay)