A real binary outcome now. I stayed away mainly due to the repeated ann saying finance is close, finance is close. Sounds too desperate and it is either turn off the lights or it's going to be a tough deal for equity holders.
By the way, net operating cash flow -$1.3m versus finance costs $1.5m! Current liabilities are much higher than current assets. Massive accounting loss etc etc. Why spend $340k in legal fees saying there is not problem here??? Just do not understand the logic as the numbers do not lie. Most debt agreements in the market would be flashing on red alert re covenant tests so mgt has done exceptionally well here to give themselves some breathing room. IMO, DYOR etc
Luck to the longs ....
PS - new MD's (Brian Wesson) engineering company was paid $408k during the last 6 mths (related party note).
- Forums
- ASX - By Stock
- Ann: Refinancing Update
-
- There are more pages in this discussion • 6 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)