The going concern note in the annual accounts released at the...

The going concern note in the annual accounts released at the end of September stated that the company had sufficient working capital to last until at least early October, which implied only a week's worth of cash was held. The note also said that $800k of capital was expected to be raised in early October.

We are now nearing the end of October and there has been no further news, which surely must mean cash is severely constrained. Tyree and Scully-Power have made much of the supposedly newly focussed and invigorated management team, but the previous team never had any trouble raising capital before the Thailand deal came through. Now that Thailand is in the bag, capital should be easier to raise, which makes me wonder how those from whom capital is being sought view the new Chair and CEO. Are they unable to inspire confidence from potential investors in their abilities?

The capital raising referred to in the 30 April shareholder update wasn't finalised until the middle of July, which, to me, adds to the question mark over the confidence shown by sophisticated investors in the ability of Tyree and Scully-Power to deliver, despite having the Thailand contract. I am sure the company will become cash flow positive on the back of Thailand soon enough, so despite my doubts about those in charge I do hope that this capital comes through.

The Appendix 4C due this week, and the AGM next month, will be of great interest. Unfortunately I'll be just back from holidays before the AGM, so won't be able to get time off work to be there. I look forward with great interest to feedback from other posters on that meeting.