I've been following RNT since it listed but really began paying attention when Bader joined in 2016. My notes at the time said:
rent.com.au is a basket case. Revenue of $730k and cash burn of almost $7m for FY16. They only listed in 2015 and have raised capital twice since then. IPO $5m @ 20c June 2015, $3.7m cap raise @ 28c November 2015, $5.4m cap raise@ 15c April 2016.
It has all the characteristics I like in a potential turnaround bargain -- disgruntled shareholders who have been beaten up with dilution, currently loss making, but good management.
Bader and the team have been making good progress since and I had been planning to review in March/April after the launch of RentPay but this morning's news brought everything forward. Entered at 9.5c/share.
Investing at $38m cap is acceptable for me. I would've much preferred sub-$20m as originally planned (when RNT was still under the radar) but can't win them all.
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Open | High | Low | Value | Volume |
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5 | 755521 | 0.018 |
5 | 78000 | 0.017 |
6 | 866690 | 0.016 |
1 | 500000 | 0.011 |
Price($) | Vol. | No. |
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0.020 | 5000 | 1 |
0.021 | 134639 | 1 |
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