News: EHL Emeco Holdings says fy net loss A$180.5 mln, page-10

OldCar, I agreed with your analysis - that's why I sold out. I can't understand how a company with substantial negative equity and running operating losses can have a market cap of close to $500m. I haven't seen Morgans' report but I would like to know how they arrived at a valuation of 19c, co-incidentally the price that Black Crane sold down.

Emeco will have to generate massive cash surpluses over the next couple of years in order to avoid having the shareholders' equity fall back into the hands of bondholders.