Well here we are week six of the March quarter, so almost half way through.
According to the December 07 quarterly they were expecting outflows of $1.5m for the March quarter with $500k in the bank at the beginning of the quarter.
So if we are half way through the quarter there must be very little cash in the bin if any, so what are these directors doing? Playing chicken with OLY's finances yet again?
So come on Michael put these poor hard working souls out of their misery and get one of your friends to take a very cheap and large placement so they can pay their bills and keep the directors' fees (yes for all six) and cosy consultancy arrangements going!
What a way to run a publicly listed company, but then it's other people's money, as four of them have absolutely no skin in the game.
Haven't these directors been looking at the press lately..View Resources, MFS, AFG,etc, etc and if they wanted something close to home, maybe they could ask Michael for advice about Croeseus
No merger on the horizon with MAL given it is cashing up via a rights issue, but maybe a well priced "rationlisation" or forced sale of OLY's assets might be a more convenient outcome.
As previously suggested, OLY should be renamed Fawlty Towers.
OLY Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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