As the DDT shareholders were advised, the Beston merger is still on the cards. One would expect, that Datadot will be merging with a company that is successful, well run and hopefully profitable - with available cash. The reality is a complete the opposite.
Beston results (lodged at 5.30 pm on the last day allowable by ASX):* $16.5 Million operating LOSS
* Current Liabilities increased from $10 Mill to $36 Mil.
* Cash on Hand decreased from $29 Mil to $4 Mil
* Borrowings payable on demand or within 3 months = $21 Mil
Check out the management fees to Sexton and others and do the math.
Merger with a company such as this and with very similar corporate culture as the current DDT has is just a terrible option for the shareholders. The only people that will benefit from such a merger are DDT board and Beston Chairman Sexton. Nobody else.
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