Whilst I agree that high net debt to equity ratios are a red...

Whilst I agree that high net debt to equity ratios are a red flag, if you believe that only companies with debt go broke, you’re wrong.

APX isn’t investment grade (even without any debt) and is currently reliant on the generosity of its shareholders imho.

Judging by the take up of its last CR, existing shareholders weren’t exactly enthusiastic about throwing more money at this thing.

Even the CEO didn’t take up his entitlement.

The professionals saw it as a stag opportunity to make a quick buck and seem to have done exactly that leaving retail investors to ultimately hold the bag.

In the absence of a rapid, substantial and sustainable improvement in its financial performance and growth prospects, I doubt that it could raise any debt on reasonable terms and/or any more equity in the near term.

APX is a labour hire business whose service offering is obsolete and irrelevant imho.

To me, it’s just another turn around story most of which rarely turn around and is therefore nothing more than a punt

I’m focused on one thing and one thing only which is making money and which I’ve been doing successfully for over 40 years playing this game.

Each to their own and good luck with your investment/punt.

PS: Shorting APX has been kind to me but I’m done with that now. So many better opportunities out there imho.