a great history lesson thank you- red flags when they had the multi million telco debt. It made a few mentions in Quarterlies at the time and disappeared from radar commentary like MH370. (Big red flag)
the $110m capital raise was not shabby with a stated purpose being assessing a “range” of acquisitions. Again no further mentions and SURPRISE no acquisitions followed. (Another red flag)
Then QoQ the $110m diminished at quite a pace. (Another red flag - unjustified expenditure to boot)
My view is they saw the future revenue/expense ratio misery on the wall well & truly. A Term Deposit gets held in a third party trust account and is used for “other” purposes!! Turning into a sideshow for cowboys.
makes one wonder about how the $110m disappeared so fast. More questions and answers to follow for sure.
(20min delay)
