SP3
$8M cap, $1.2M cash, $1M stock, no debt
Finally it looks like they are getting it together !
https://www.asx.com.au/asxpdf/20190508/pdf/444xw0xlxrf1t7.pdf
Looks like the massive overhang is now finished. The Woodford family had around 3.5M across 3 accounts. I heard a small fund/holding was forced to liquidate, so this could have been that holding. As at last week, they only had around 300K left, so they should be out now.
I have also heard there is a new lead broker on the way ...
I'd say this rally has to do with their recent update, which IMO was excellent !
- Predicting revs of $4.7M, an 81% increase. Each time they have beaten their revenue forecasts within the 1H of the fin year
- They've flagged a debt facility with a Top 4 bank, meaning no death spiral financing or dilutive CR, likely 8-10% interest rate
- New MD from Worsley Parsons, will bring huge connections in the O&G and infrastructure space
- Expect to be CF+ in the next quarter or so- Lowest quarterly burn to date of just $190K
- The biggest hint, they've sent product to texas for a US market trial ... my guess, an O&G site owned/managed by WOR
They secure a new lead broker, a debt facility and start touting US expansion, this thing will fly past that previous high that quickly
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- Short Term Trading Week Starting: 13 May
SP3$8M cap, $1.2M cash, $1M stock, no debt Finally it looks like...
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