Lets do the numbers: - cash on hand at 31 Mar was 255k - unused loan facilities of 431k - SITE international sale proceeds of 1440k (they indicated that the amount was still to be received on the 12th of April, so you would assume they have received these funds) They should in theory have ~1,700k in cash and ~400k in debt available.
A further 500k post a de-scoping requirement (whatever that means)....but I assume mgmt would be motivated to get this done.
In 1Q they spent ~4700k in expenses, but you would assume that at least half of that is related to the Aus business which was sold....so it all depends on what costs they are incurring in the International business and what revenues are coming in (in 1Q they had 4.2m in revenues but no mention of which business that applied to).
With the Clark potential, you would assume that someone may take a chance on SIT with some loan/equity raise....but who knows at this stage given so many people who drove the company seem to have left.
SIT Price at posting:
1.0¢ Sentiment: None Disclosure: Held
