opm - broke! Well well well..nice to see PJ put out an...

opm - broke! Well well well..nice to see PJ put out an announcement when he thought no-one else was watching late last night.

I am no accountant but my read of it is that they are broke. It seems Charles managed to get his hands on $800,000 to buy the water business, but with debts of at least that amount, OPM would have to be close to the wall.

The statement that they are relying on loan funds or equity capital means they are in deep poop. Put your hand up if you would either:
a: lend them money with NO security, or
b: subscribe to MORE shares at a price of approx. 0.002.

The only way they could get this capital raising away is to have their old mates at Findlay's ramp the stock for a week, flog it to all their stupid retail clients and then dump it all within a couple of weeks.

Best of luck to all shareholders. My guess is OPM will do an exlcuded capital raising in the next 2 weeks or else they are broke.

PS. Well done to the person who alerted the ASX to this company's financial position. Given OPM's comment about responding to ASX it is pretty clear someone put in a phone call to them. (Sadly, they just dont have the staff to detect these things).

In hindsight Charles was nuts to pay $800k for the water business. He should have held out and bought it for half that when OPM were really desparate. At least he has the guts to back himself.