Charting, page-97

The real cash position for the last 4C = ($4.7m) + $1.0m (one-off acq costs) +$0.6m (WC adj) + 4.3m (debtor delay) = +$1.2m

This gives us a normalised cash run-rate of +$1.2m per quarter.

Hence, assuming the collection issues don’t repeat, you would think we should be aiming for the +$1.2m run-rate plus (at least) the timing lag of 75% of the Q1 debtors that came in in July (Q2) of $3.2m.

I’m anticipating smart investors taking a position before the next 4C as from the basic calculations above, one would imagine this will print showing an influx of cash from next operations, which the market would view positively.