Here's a more simple approach:
- Open the quarterly, check the cash waterfall on page 8.
- Note that Golden Grove took them backwards (A$12M), Capricorn (A$22M), corporate costs (A$10M), debt service a further (A$20M), for total backwards cash movement of (A$65M).
- Read on to see there is an upcoming Stamp Duty payment of (A$26M) due in the first half of this year.
- Take note that there is unaudited drawn debt of US$146m or A$224M
Now you have a fair idea, without having to bother calling the company, why the stock is getting dumped. Given the debt position, and a potential pending C&M situation, there is a non-zero chance the equity goes to zero.
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- Ann: Quarterly Report for December 2023 Quarter
Ann: Quarterly Report for December 2023 Quarter, page-88
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