Capital raising of $8.4 million @ 3 cents per share, issued on basis of four shares for every 5 shares held. Underwritten by wholly owned subsidiary of channel 7.
and here I thought my take on ENG couldn't turn any more bitter..
Let's not outline the new income/expense projections, such that nobody has any idea if the company stands any chance of turning a profit any time soon. We'll just leave them in the dark, and announce a capital raising when shares bottom out. I noted MNF has a market cap of $4m, so contrary to my earlier musings, we still have some room to drop from current market cap of $16m @ 4.8 cents :).
At this point I don't have a clue if following their restucture they will still be burning cash, do they need more subscribers to become profitable or can they achieve it with current numbers??
end rant
ENG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
