Their last report to the market was a horror story, the...

Their last report to the market was a horror story, the operational cash burn, let alone the impairments was horrendous. The impairments were not wholly non cash either, i.e. the $11m writedown of inventory - they paid real cash to produce products then wrote them down. They were sprouting about hitting production nameplate levels of FDF, but clearly were not selling the product, just building then writing down inventory. When quizzed on sales progress they said nothing other than we will tell you our sales progress at the same time as we sell Coolaroo property, oh and shareholders will not be disappointed with October sales numbers based upon what their sales guys were saying. Since then crickets.

When they did announce the property sale, same day as completion !!!!!, I did note that they still retained a $5m debt facility. This was ominous - it shows that the sales were still not happening and that they were still burning cash.

Why could they not have cut operational spend back whilst they waited for sales traction. Business 101 !!!! Instead they burn cash.

I fully expect that there will be a need to raise more cash shortly, maybe the Norway property sale first then tap up shareholders again. The board needs a broom.