Ann: Trading Halt, page-51

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bcc_100

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31/10/23

19:41

Post #: 70650808
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Originally posted by composer: ↑

The underlying issue is the lumpiness of cash receipts.

Q1FY23 had approximately $12M cash receipts which resulted in around -$0.5M in operating cashflow. Q1FY24 has only $6.4M cash receipts, resulting in -$8M operating cashflow. Huge difference and shows the extent of lumpiness.

While I like to think they run a tight ship, the fact that they had to meet up with institutions to get firm commitments for $5M of the $6M means the word is already out on the street, as evident by the recent selling volumes. Not sure what the company can do about this even though they might run a tight ship internally. Retail investors like us are at the bottom of chain.

The one question I have in mind is the cost of equity relative to cost of debt (including convertible bonds). If the problems are temporarily and the share price is undervalued, surely there are better options than further dilution at a significant discount.

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Yeah it does seem like they would be better suited to taking out a working capital facility. That being said, this raise is pretty inconsequential beyond not being a great look for management's competence. It seems like they were caught flat footed on the cf outflow.

Other than that, it's a nothingburger really.

Last edited by bcc_100: 31/10/23

ALC Price at posting: 9.7¢ Sentiment: None Disclosure: Not Held
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Last 5.6¢		Change 0.002(3.70%)		Mkt cap ! $75.20M

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