From the report, the cash flow from operating activities were equal to zero. That means if the cattle market stay the same as last year, the company is not lossing any money and free from issuing shares. But without renewing the Debt, the company need to sell another ship to draw down its debt. However Wld still looks cheap even another ship is going to be sold to draw down its debt.
The bottom line is the market have changed since April.
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