It looks like the directors are making a huge effort to keep etc going. It is a pity the drastic action was not seen previously. They have about $350k cash left at 30/6.
Mr Wiesman obviously wanted to be paid!!!!-hence his resignation. No $, no loyalty , he's walked.
It concerns me that they entered into recent financial agreements that stress the company.They seem to have relied too much on debt to fund acquisitions/growth and it has now returned to bite them. Pity the Canadian 'legacy' creditors who have be 'quarantined' . I assume that means ETC have found a legal loophole to not pay them..
There is not much in their plans that will increase current shareholder value. ANY capital injection will further reduce the value of sp for current holders. I think the only hope for long term holders of this share is to become cash flow positive by reducing outflows as they seem to be doing. but, I think it might be a case of too little to late.
ETC
entertainment media & telecoms corporation limited
