Its not a very rosey read is it sadly. It may be a more stable company now but it still has a number of major issues, principally the cash burn rate as the Captain says!
There also appears to be another impairment write off from the stuff they bought off that SA company at the same time they pumped money into UBN, which smacks of an overvaluation previously and poor due diligence.
The segment reporting has been changed so we can no longer see how the products are doing ie the old mystrata which previously seemed to be the one area of the company actually growing.
The going concern note from EY echoes the poor cash flow performance and the fact that revenue simply isnt growing fast enough to pay for all the executive salaries.
All the above coupled with poor communication with the shareholder base im afraid means this stock is likely to flounder along the bottom of the valuation scale for some time.
UBN Price at posting:
3.6¢ Sentiment: Sell Disclosure: Held
