Ann: Half Yearly Report and Accounts, page-2

Oh yeah. Some interesting numbers. Its what it doesn't show that matters

So. NTA per share of 5.8 cents. Share Price, $1.42. Losing money every month


Note 1, (c). Going concern. Right. Not much cash, big monthly salaries and opex, not as much revenue from clients.....going concern?? Okay, if they say so. Admittedly they have to anyway

Personally, I think $12.4m Goodwill here is "badwon't"

Opinion about CGA previously made

I would like to know how much funds the company is managing and what revenue they generate from those. Also what performance fees they have contingent (this is the real upside in a fund manager)

Here is my concern

Dec 31 numbers

Cash at bank $956k
Last full Q revenue   $759k
Expected spend in Q1  $2.18m

The math simply does not support the viability here. They are spending too much

I can't see how they don't need to raise capital, and on that basis how the 4D and Half Year can not question their solvency in the absence of a loan or capital injection.


Does anyone have a comment here? I am missing something obviously because investors and other fund managers are pricing this to infinity


DYOR