They haven't achieved little, they are now further away. How...

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twelthman

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15/08/19

16:27

Post #: 40006085
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Originally posted by bc_00001: ↑

The big sticking point is who puts up cash without the ability to relist (i.e. at leas 2 australian directors)?
Or, who agrees to be a director to be immediately handed a bucket and asked to start bailing?

Catch 22 anyone?

The big money likely needs to come from an Australian who will take up two board seats in return for $$ or a foreigner who can find two Australians they trust enough to take two board seats in return for $$. Still, likely to be outnumbered and not have good control.

If it happens, they will probably issue convertible debt, like Telefox, so they can get a good conversion rate that is not available under a plain vanilla equity issue because of the current price, and so they don't have to fight with shareholders for left overs if it turns to sheet (like where we are is not there already).

And $15m is just not going to be enough, even if everything is on a tight leash, things go wrong. They have demonstrated an incredible ability to burn cash.... it seems like very little has been achieved with the money from the last CR.

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They haven't achieved little, they are now further away. How much time and money was put in to the CDR for the Pearls...even the relevance of the Diamonds is lessened under this new business plan. Basically back almost to square one with no cash and over 2 billion shares on issue to show for it.

SAS Price at posting: 2.8¢ Sentiment: Sell Disclosure: Not Held
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They haven't achieved little, they are now further away. How...

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