I hadn't heard of this company until a couple of weeks ago. Spent a rainy day going through recent accounts. My thoughts:
Reporting after the market closed on 31 August shows that the company was under some sort of pressure, presumably re funding, given the deficit in NTA etc
There would have been an audit comment re going concern without the capital raising
Details yet to be officially announced but press reports indicate $30-$35m to be raised
On those figures, Alceon will put in $10.76-$12.55m
Alceon are owed $11m re Ezibuy sale plus the repayment of a loan to Ezibuy of $6.5m per note 28 which becomes due on the date that the $11m is paid. So Alceon could receive $17.5m from the proceeds of the capital raising, leaving the balance (less costs) for the trade payables
That doesn't look as though it will make a significant difference with payables approaching $200m
Noteholders will be in the driving seat
MOZ Price at posting:
45.5¢ Sentiment: None Disclosure: Not Held
