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Rhino1963

2,808 Posts.

2481

30/07/23

17:27

Post #: 69063524
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Originally posted by amb005: ↑

I really wonder about the decision making there too from NAB. Anyone looking at their financial statements could see there was no way to pay off debt, let alone that huge amount, there was no financial model in place that projected positive cash flow. Very curious how the deal got done.

To think that CAN have spent over $220 million since Sept 2019, $60 mill of that debt. Yet only have a glorified warehouse to show for it, the exact same facilities costs fractions of what CAN spent. A year or so ago there was a flurry of directors and CFO leaving the company, then the CEO leaving. I suspect if there was some deeper investigations, there might be some interesting invoices and connections uncovered.

There was just too much money spent on the facility, way over the costs to build, I bet CAN directors are hoping there arent some investigative journalists or disgruntled shareholders digging deeper.

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I don't know much about the ins and outs of CAN.
...and I feel for the investors.
If previous directors signed guarantees for the NAB loans they might be nervous right now.

ECS Price at posting: 2.4¢ Sentiment: Hold Disclosure: Held
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Last 1.9¢		Change 0.000(0.00%)		Mkt cap ! $24.48M

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