The reference to the white knights was alluding to the fact that the company would more than likely be dead and buried now it wasn't for Kazacos previously, and now Walker.
Look at the cashsflow deficiency over the last 12 months and Kazacos pumping money is the only thing that kept the doors open.
The rights issue as a form of capital raising would seem to be a fizzer with Kazacos/Walker taking up their rights and not many other shareholders.
It simply might be that the business model does not work and trying to make money from regional areas and supplying IT services to SME's and local government is a business plan that does not make money. As far as I am aware this model has not been tried before, so maybe it just is not practical.
Kazacos and his mate Walker are not idiots, they obviously see something with this business and its potential and want to put their money where their mouths are......I just don't have the amount of play money they have to lose by taking a punt on this thing.
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