I asked that of before the half year and they said that they raised more than what was needed in November / December last year so no no intention to raise more capital. In fact they still had almost $3million in bank at 31 March - even after having to fund the debtors growth for L&R. Plus their profits were being backed into the second half so they should be looking to generate around $1.5million in positive cash flow and they have no bank finance only a couple of longer term debt that seems to be rolled over if they want.
So by my take they could easily do another $5 million acquisition before they need a cap arising.
No I think Firsova hit the button CZZ have been selling from their client portfolios. They were joint brokers on the placement and they are raising funds right now for RUBIK so I reckon they are switching if the market will absorb it. So if there around 100K to buy at around 25c they buy it - or in the alternative they may well be the sell bid @27 and hogging it so others come in and sell below to clear positions.
PGC Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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