There is no doubt that at this point that FRE shares are trading around Cash value and there are more assets than liabilities so it looks just ok. Although $4M at 31 Dec 08 will likely mean $2.5M at 31 Mar 09. Losses for FY09 will likely be around $8M again I predict.
In your summary, you should really be mindful of collapsing revenue which has been evident all year. Current FY09 revenue looks like about $2.0 to $2.5M. As at 31 Dec 08 Revenue was $1.5M. $1M from ordinary activities and $0.5M from investments/interest, etc.
The upcoming 4C will have no good news in it, look out for increased OpEx for staff payouts, etc. I am getting these comments in early as I said yesterday I would not comment on the 4C after it is released.
Still amatuer hour over there though, look at the dates of the latest 5B Director Interest statement:
Name of director SPIROS NIKOLAKOPOULOS
Date of last notice 18.9.08
Date that director ceased to be director 24.4.08
He must have mastered the art of time travel! LOL!
I note that his drain on Freshtel was $65,000 directors fees plus separate "consultancy" fees. His departure should slice off about $200K? in Opex PA?
How long do you reckon until Rhonda is gone?
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