adding to my previous post are some other observations
1) expected EBITDA for fiscal 2009 is close to 15 million (downgraded from 24million) - for a company with such an EBITDA a market cap of 20 million is a bit amazing
2)the explanatory announcement to asx talks about the debt covenants that "while these were not in breach at that date(02/06), they would likely be breached on 30 June 2009 unless a compromise was reached with its lender, the ANZ." - note that there was no announcement around the 30th of June -suggesting that either the covenants were not breached or a compromise was reaached with ANZ
3)when a EBITDA cutdown of 30 - 40 percent was announced the market responded with 75percent cutdown in share price
4)talk is there of separating the ART from FACE business. I believe the company is looking to sell one of the business or looking at a merger of somekind to decrease debt and wilson HTM financial services has been called in to valuate one of these businesses
the overall radio silence of the company has made evryone worry what the hell is going behind those corporate doors and the market is currently unable to price in a safe price. but the next announcement will determine the price direction. this is suggested by the narrowing bollinger bands
can anyone add more insight please anyone any thoughts or additions to my opinion
SAV Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
