Patersons put out a buy recommendation on Marion yesterday which I haven't seen but which can only mean one thing another cap raising is in the air.
Technically Marion is insolvent in my view. It had $15m in cash at the end of December and had drawn down (now owes) $17,450,000 in loans (see quarterly cash flow statement. You wouldn't want the lender to come knocking on your door in current circumstances. Marion just could not repay it without another top up from the Marion faithful.
Its December quarter capex was $20 million. How do they spend that much in three months and still not produce anything.
Major disaster ahead is my predicion.
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