As per the following excerpt from one of my recent posts:
"..One query though? I wonder what back up plan the company has should the sale of non-core assets be unsuccessful? ..Will the company consider at some stage some sort of placement? Even though TAP is looking to sell non-core assets, surely the company's position would be made stronger by, lets say, having a placement of 50 million shares at 40c each (raising $20 million before expenses) or even a SPP to existing holders.."
With the price hiting 36c today, my query still stands. Should the company consider a CR, such a raising could not come at a worse time with the price so low.
As per the recent ASX announcement dated 28 Feb 2014, "..the Company requires additional temporary liquidity ahead of the expected May 2014 draw-down of the Manora debt facility and anticipated commencement of production at Manora in August 2014. As at the date of this report Tap has drawn down the CBA $20m corporate facility and is working on a number of options to provide further liquidity, including additional financing and monetisation of the significant value retained in its non-core assets.."
Given the significant falls in the share price over the past couple of days, any company update would be appreciated.
Over the past week, I have tried to speak to TAP's management without any success.
As for me, I've had enough and decided to take a significant loss.
TAP Price at posting:
37.5¢ Sentiment: None Disclosure: Not Held
