You also need to add back the 130m issue of shares in May as...

You also need to add back the 130m issue of shares in May as they have fallen off the rolling 12 months now. Norwood could issue up to 200m shares before November. Even so at 0.5c that only gets them $1m which would be barely enough to get them through the year. Then they would have to raise again in February.

I've made the point previously that with no revenue, costs of $4m/year and a maximum of 25% of MC issued through raising a year the tipping point for Norwood to survive is a MC of $16M. Obviously they are half that. Norwood is in critical condition.

I've been calling for months now that Norwood need to match is costs to it's revenue. There has been no attempt to do that that I have seen as it will mean slashing costs heavily and noticibly. Management need a clean out of the highest order, everyone needs to go. Paul may be kept on as an employee or advisor but the board needs to be replaced.

Others will dissect T20 lists, blame the ASX or holders for analysing the performance of the stock, they will do anything but actually blame the company for its performance. No one likes to see investors lose money and Norwood have been particularly callous in their separation of investors and their money by misleading announcements and lying by omission. There will be an AGM in the latter half of this year and I would expect to see quite a spill there as the instos, underwriters and large holders who haven't been able to offload since the last raise will want to get some value back and will run out of patience with this mob. In my opinion there is hope for Norwood, the tech is good, just not managed by this crew.