The best course is for calling an extraordinary meeting and spill ASAP (hopefully Merchant does the publicity) then resume trading whilst restructure in-motion. 2 more months of cash burn with this distraction will not help the end result. Joanna will obviously delay as much as possible whilst she controls the board, her arrogance suggest she will go kamikaze whilst making claims about share holder value' (read Joanna's Money).
For those still dreaming of hanging on to the 1-page dream, the boardroom drama just about signed the end of that - you have the ex-CEO who would rather destroy than back off from a failing business and salvage what's left.
1PG Price at posting:
16.5¢ Sentiment: None Disclosure: Held
