Well, CR, didn't see that coming. Thought they had plenty of cash as per my earlier post
https://hotcopper.com.au/posts/68945166/single
Big assumption in that post's analysis was "
Based on Q1 commentary I assume that Acc APyable dropped $7M as part of
Q1 expenditure closing out capex contracts" including the phrase "
paid out". CR before the Qtrly released didn't give anyone a chance to work it out either... sneaky bastards.
Adding to my embarrassment there, last post I said the following lol... my figures are well and truly smelling of shit this morning. The one explanation I ignored for sellers aggressively pushing down even after all the bad news was apparently out was Luke had burned through too much of last years $50M CR mid-40s.... what dumpster fire he managed. No wonder the BOD punted him into the tea room.
"
Anyway, that's all history now and this morning shares hit my 20.5c support reflecting the major Aug 21 CR for FID. I was back in the market myself this morning now the market has finally been updated (via Shaws which itself is shocking), no more inside info to run, funds/indexes are taking risk off the table or re-weighting, LG true believers are leaving in disgust, and Shaws are telling their clients it's time to buy back shares they were told to sell earlier, hoping the bottom is finally in. I know.... picking bottoms apt to get me smelly fingers, but all downgrades find support eventually (except those companies that go broke)."
In hindsight of course, Shaws coming out exhorting the market to buy while the sellers kept coming was another strong hint... typical broker mofos. Hat tip to
@RandallGraves who raised the risk of cashflow.
GLTAH... sigh
(20min delay)