Indeed
It's not surprising this hasn't rocketed with so much that's uncertain and any kind of forecast about write downs/ups, cashflow, debt, carry forward losses and such would essentially be guesswork.
The accountants and lawyers can pretty much make the books say what they want at this point which is why for me the debt covenant is "numero uno" as Brierty is the banks little bitch until we are back in it.
Considering the $5m forecast I'm very surprised there was no mention of the covenant which makes me think they are still on the wrong side of it as they had previously mentioned it was "likely" they would need to raise funds later in the year(before dispute settlement).
Also if they are still outside the covenant they don't have the ability to tender decent size jobs because of the early capital outlay, been a while since any announcement of new jobs but I'm expecting a few small jobs to be referred to in the next update as they don't need to announce the little ones.
