It's not the C1 costs that worry me. Its the costs from the CB's and secured loan. They add up to about$US 7.90/lb (the secured loan also includes principle repayments). They said something about dealing with the 2017CB "in a timely manner" in the last conference call I think, the SP has headed south ever since.
Have a look at shortman, the level of shorting has hardly changed recently, its trending sideways. My thoughts are that the recent plunge is related to a play to refinance the 2017CB with a low conversion price and maximize the dilution - great for the CB holders, not great for shareholders. They don't have enough cash to pay it out and won't while they are cash flow neutral/negative. They have to refinance, no other option. Selling a few shares now is nothing when you can get a lot more from refinancing a CB with a conversion price of for example 40c.
Reluctantly have reduced my holding recently, maintain long term faith but too much uncertainty at present.
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$10.76 |
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-0.120(1.10%) |
Mkt cap ! $3.217B |
Open | High | Low | Value | Volume |
$10.80 | $11.00 | $10.74 | $31.07M | 2.868M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 930 | $10.76 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$10.85 | 10000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 101 | 10.950 |
3 | 596 | 10.850 |
1 | 228 | 10.830 |
1 | 190 | 10.780 |
1 | 50 | 10.770 |
Price($) | Vol. | No. |
---|---|---|
10.230 | 5111 | 3 |
10.550 | 2223 | 1 |
10.750 | 588 | 2 |
10.760 | 2551 | 2 |
10.850 | 10195 | 2 |
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