@Kmtw, poster like you that "hold the stock" make me laugh, ( nothing personal ). People like retiredyoung who sold out at 0.009 when the L1 deal was announced are angry and bitter and want to see the coy in administration. Is that what you want?? That's what Alan wanted. He probably thought he could pick it up for Harris technology ( where he is a new director ) on the cheap at the expense to shareholders. If he, John and Rose wanted to they had the numbers to vote against DM and Rick. But they chose to resign as they had next to zero skin in the game. Admin was the easiest and safest option for them. Remember, they sign off on every release the company makes ( INCLUDING the erroneous guidance ). As a major shareholder I am relived they didn't get their way.
DM has his entire life in BUD, Rick to a much lesser extent. I see no reason for him to lie. What would be the point of making up an "inflated" revenue number?? It was a genuine error by the CFO. DM wasn't selling stock or trying to do anything other than keep investors informed. He was given an number by the CFO and had an obligation by ASX to disclose it. He has worked 7 days a week straight since this error occurred. He hasn't taken a wage in 4 months and is prepared not to take a wage until the coy is EBITDA positive. People calling for his replacement are absolutely delusional. What sort of replacement CEO would come in under a suspension, cap raise, and Debt restructuring?
As for the forgiveness, PFG aren't in this out of the goodness of their hearts. The re-structuring deal is expensive on fees. Its all in the investor Deck. No sugar coating it. But they see the orders coming in, believe in their investment in bud and dont want EF to have an ability to interrupt future supply. When push came to shove and IF the business had gone into admin, EF are out their largest client and also back of the queue to get their overdue $5.6m USD.
The top 20 shareholders still believe in DM as the CEO. Ohm failed with him as CEO, but his work turning around the prospects of LIFX where just about to land in Feb, when this reporting error was discovered. This CR will get done and although the business will be set back 3-4 months revenue, and there will be more dilution, investors still see the potential this business has. Clean is weeks away from it covid results, switch is available and selling well into the USA summer. Strip demand is roofing and beam is #1 seller due to social media. The brand has never been thought of in higher regards and prices are competitive to the average competitor. Margins are improving, costs will continue to fall as more manufacturers come on line. My guess is now EBITDA positive will now occur around Oct or Nov and continue on from there on a monthly basis.
FWIW, As a top 20, I will be participating in the CR and the entitlement. The second 6 months of 2021 will prove that to be a good decision IMHO.
