This chickenman finally sold out last week. Bought a few in 2007 and added a few more in 2010.
Todays quarterly says cash at 31 Dec was $2,190k
Est expenditure for the March Qtr; Exploration and development - $1,750k Admin - $14,700k
That's a lot of Admin!!!! Actual Admin costs for the 6 mths to 31 Dec was $14.5M!! The directors only received $579k for the quarter, so what do these huge admin costs refer to? Chameleon legal costs?
That means the cash they had at December must have been well & truly spent by now. They have a US$95M loan facility of which they've used US$57M. By 31 March they will have used up a further $15M. Hopefully the lender will continue to make the undrawn funds available in future, but in any event there won't be a lot left over to distribute to shareholders, if indeed, thats what the directors decide to do.
Good luck
MMX Price at posting:
43.5¢ Sentiment: Sell Disclosure: Not Held
