I think this is the announcement (AGM update) you are referring...

I think this is the announcement (AGM update) you are referring to:

The cash balance isn't an update. It's simply a restatement of the 30 June balance.

We'll see in February where their cash actually sits but the idea they could deliver the back end of the Ukraine deal at no cost seems to be - using your vernacular - rubbish posting. Much will depend on how much raw and finished inventory they held as at 30 June, but even assuming a large proportion was held, it is likely they hadn't yet paid for all of it. It seems reasonable it will cost $15-20m cash in 1H FY23 to deliver the back end of that deal, and bearing in mind they won't be receiving any cash for that deal in FY23, it seems highly likely the cash balance will go significantly backwards this half before improving significantly in 2H.

I'm not criticizing them or dissing holders. I own the stock. I like its prospects. But I can read a balance sheet, I can read announcements and that's what they're telling me. I tell you what, they've told you 1H revenue will be at least $47m - you tell me what you think the cash balance will be and we'll play nearest the pin.