If in doubt I always go back to reread the latest Prospectus...

If in doubt I always go back to reread the latest Prospectus from the 2.2c round. The key business risk I believe is this one:

Debt Facility The Company has agreed a debt facility with Pure Asset Management. If the Company is unable to repay or refinance its debt facility upon its expiry, the Company may have to seek further equity funding, dispose of its assets, or enter into a new debt facility on less favourable terms and there is no guarantee it will be able to do so. These factors could materially affect the Company’s ability to operate its business and its financial performance. The Company is also subject to various covenants and obligations contained in the debt facility. In the event that any of these are breached, Pure Asset Management may cancel its commitments under the facility and require all amounts payable to them under or in connection with the facility to be repaid immediately. If the Company is unable to repay or refinance its debt facility upon maturity, or in the event of a breach of covenant, the Company may have to seek further equity funding, dispose of its assets, or enter into a new debt facility on less favourable terms and there is no guarantee it will be able to obtain further debt. These factors would materially affect the Company's ability to continue to operate its business and its financial performance.

Until the Board can demonstrate this risk is under control we are in for volatile trading and rumour mungering. The management team should know this business risk backwards in driving the business to a cash neutral position as fast as possible otherwise the deep pockets sitting in the shadows are simply biding their time. Meanwhile, the HC platform provides a perfect place for the rumour mungering to thrive. The broader retail market is also a factor that is outside SPAs control. As the Chinese proverb says.....may you live in interesting times. DYOR.