LYC is technically insolvent tomorrow - 30 September 2014.
They do not even have $10M to pay their lender.
If not for the extension provided by their lender for another 15 days.
They would be calling in the Administrator Tomorrow.
This would suggest they burned through nearly $40 M cash last quarter (3 months), which was raised from SH recently.
How are they going to survive 6 months with net $70M cash, ($10 M for lender and probably $3M for underwriters), when they are burning through that much cash per quarter???
They have provided "no plans" on how to cut costs or increase sales, or both.
Yet, they are asking retail SH to stump up another $70M cash.
Gosh, I am so glad I am not on the hook for this.
Insolvent
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Last
$5.93 |
Change
-0.020(0.34%) |
Mkt cap ! $5.542B | |||
| Open | High | Low | Value | Volume |
| $6.04 | $6.04 | $5.93 | $23.75M | 3.975M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 128544 | $5.92 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.95 | 12481 | 2 |
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| LYC (ASX) Chart |