I can’t believe there hasn’t been an apology or an explanation as to why now $60 million is needed. It’s like an afterthought – do we even know what currency it’s in? USD me thinks.
Also, I’m surprised the chairman of Newsat Richard Green has escaped everyone’s wrath. Let’s not forget he also sits on the “Audit & Risk Committee” of Newsat..... He's been there for nearly 6 years. That's a long time at the helm of this company.
If NWT has not paid its bills and is not trading while insolvent (we have to assume they aren’t that risky) then I think it’s fair to say they are still sitting on a good little cash pile? Can they hawk off the entire Jab-1 project – wash their hands of all debts and contracts and just be back to square 1 with the teleport business? As Jab-1 is a significant part of the business – would presume an EGM would be needed to sell off? Or would it just be seized and sold off? Doubtful anything in Australia will be touched. Too hard for Exim and I presume NWT has wiggled out of that. Hopefully a recapitalisation plan comes up, that would make for a wonderfully exciting EGM! which seems to be inevitable.
Does anyone really believe that $60 million is the final number? Even if they get there. It wont be the end of it.
Anyways, cockroaches always find a way to survive.
NWT Price at posting:
8.3¢ Sentiment: Sell Disclosure: Not Held
