Well Fawlty Towers has just released their Quarterly (late)which reveals the following:
$500k in cash at 31 December.
Expected spend in March quarter on exploration $350k, Development $850k and assuming admin as per last quarter of $337k a total expected outflow of $1.557m for the quarter.
Assuming they have hand braked the creditors as at 31 December, they will have to be paid from the $500k cash and of course they are one month into their expected $1.557m spend for the quarter
So we have yet another game of Russian roulette that has been played for the last two years . With six well paid directors, surely at least one of them might be asking the big solvency question, particularly in markets like this.
Pity is, not one of them appears to ever ask the hard question. Out with the begging bowl soon.
Utterly unbelieveable and playing right into the minefield for the shareholders. Kiernan will just do them like a dinner.
OLY Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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