Quarterly out complete with typos - cash to end of March not September, and the director's name is Leith Wale not Leigh Wale. Doesn't say anything about the consolidation having been done but does admit that DVM is 120 (of 400) shareholders with a marketable parcel short, and this hurdle to requotation to be rectified by placement under a new prospectus to be lodge mid May - more legal and broking costs and then unlikely to have requotation before June. What price the placement?
Bottom up:
Cash at end of March of $3,304,000 less dry well costs of $800,000 less nett burn rate April to June using the last quarter of $275,000 gives $2,229,000. Cash backing per share using 27,408,723 on issue after consolidation gives 8.1 cps at June end. What price the placement then?
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