Yes Woywoy, i do recall that roadshow report. Unfortunately all the problems that you and i foresaw have eventuated, and probably to a greater extent than was thought possible. Although, around the same time, the Marketech people were still pretty positive, and they have a vested interest, so it was hard to think that C@ could be such a drastic failure.
The company, even after these new guys have come in and tried to halt the slide, has burned over $500k in the last 2 months (cash at 30/6 was 636k, is now less than 100k); that boggles the mind. What the hell was going on?
The current $500k drawdown facility is barely going to be enough to see them through to the end of the year. There's a few things they can do: 1) Spin something into it. 2) Call the administrators in. 3) Go to the market again for more cash, although who would be willing to give up more $$$ to them now is beyond me.
As someone else has said on this thread, i don't even know whether Martin would bother committing the funds now. The situation is out of control and no matter how wealthy you are, to essentially sink $500k into something that is probably a >90% chance of failing dismally seems perverse.
Finally, over 800k shares were dumped today. Can i ask Woywoy whether you were one of those dumpers? Can hardly blame you if you were. I'm actually a little surprised that there were willing buyers at $.04 today that could handle such a large volume of shares. I wouldn't even mind betting that a few people placed big, low-ball offers at around $.04 to try to scare sellers into selling in, thinking it would never have happened, and then forgot to cancel their buy orders after not seeing last night's after-market announcement. That would be quite humorous in the circumstances.
CEO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
