The shares will only re-rate when the solvency uncertainty is resolved (mega refinance, approval of settlement and likely new capital) and the casinos reopen.
Crown and Star do not have nearly as much balance sheet uncertainty, both sured up funding recently, and have much better market positions in an otherwise stable market.
The fact that there has been no news on Mega bank is an ominous sign. If the directors are so confident then why is it taking weeks and weeks? Does Mega want a further pay down of debt to approve and refinance? The last refinance required an upfront pay down, however DNA doesn't really have the liquidity to do that now.
Dna probably need to do a placement of some kind for a few million. They could do a 25% placement for about 200m new shares and USD4m proceeds. Vendor and ASM could participate. I presume they aren't going to let it go into administration.
The other and best option is some sort of angel lender coming in a lending new money and amega being paid off, but that doesn't seem like its being pursued, or was and failed.
