It will be interesting to see whether the ASX queries CTO on their view that a massive production shortfall is "immaterial." Seems to be a new spin on the meaning of the word to me.
How can it be "immaterial" when:
1. This production shortfall means CTO is seriously cashflow negative? That looks pretty "material" to me.
2. As a result the share price is of course being adversely affected. That looks pretty "material" to me.
3. This means any cash raised by CTO via placements will result in a "material" dilution for shareholders as so many more shares have to be issued due to the much lower share price.
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