What has happened since? The world has unfortunately changed...

What has happened since? The world has unfortunately changed quite a bit.

On 24 February 2022, Russia invades Ukraine. Since then the issue of inflation and a recession has been front and center of the news cycle and obviously front and center on investment bankers minds. The first I remember of CLB seeking further strategic investment was this line in the annual report in March:


Covered again by this slide in the AGM presentation of May.



Leading into the above there had been a rhetoric of cutting costs and improving margins, see the market update of December 2021.

If there were director purchases as recently as March then there must have been some confidence that the strategic investment was on track.
What none of us have been able to foresee is the inflation spike and a significant drop in 'risky' investments across the board.

The significant concern now is the 4c and lack of funding to remain operating which is highly evident in the last 4c.