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3.3¢ morella corporation limited

Ann: Response to Civmec Legal Action, page-53

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GARETH78

8,274 Posts.

2930

20/07/20

14:10

Post #: 45982486
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Originally posted by sabine: ↑

Thanks for explaining Born2run...
I read a 2018 union facebook page that was quite explosively anti-Civmec - and also the Altura build -
“......the worst job in aust......stay away from Civmec..
The grubs of construction.”

... which was interesting.....
So what you say is interesting too, given Civmec only had $8,739M cash at last quarter vs - (by my reading)- close to $100M in borrowings, and has invested largely in infrastructure for a project that it may not claim (the SA submarine maintenance contract {on which the decision is now long overdue}).

The last sentence in its’ notice re legal action against Altura was that the sum would have ‘no material effect on revenue’ .
At face value that makes it sound very secure, but who knows?

cheers

PS; as an aside, the information in the Civmec claim also makes me wonder how many others were offered shares in lieu of payment in that February 2019 cash raising who took up the offer.
The money raised was to be “less costs” .. I presume costs could include payment by way of shares?

Expand

The Feb 2019 CR was placed at 13c a share.

Civmec made the right call not to take up shares in lieu of payment, as they only had a couple of small windows to sell on market at that or a slightly higher price.

AJM Price at posting: 6.0¢ Sentiment: Hold Disclosure: Held
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