I have been looking into the GMC's report liquidity position, and something doesn't seem to add up...
By my calculations, GMC have $7.4M of debt as at 30 June 2019!
- On 31 January 2019, GMC reported the following financing drawdown as at 31 December 2018:
- Standby Facility - $2.5M drawn down
- Convertible Notes - $9.0M drawn down
- On 30 April 2019, GMC report $4.1M repayment of borrowingsthe following cash flows pertaining to financing for the quarter to 31 March 2019.
- In the quarter to 30 June 2019, GMC make no further repayment of borrowings.
- So by my mathematics, debt as at 30 June 2019 (and 31 March 2019) should be opening debt of $11.5M less $4.1M = $7.4M debt
- GMC show nil financing drawn down - this seems very confusing, given they have only paid down $4.1M of borrowings (as per the quarterly reports issued via the ASX).
Have sent a few emails to confirm this - will let you know if I hear anything further in relation to this. I think it is a critical issue...
Reported Financing Drawndown as at 31 December 2018
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Reported Repayment of Borrowings During Quarter from 1 January 2019 to 30 March 2019
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