Jury is back out again after the last CR Mega. Latest developments just further reinforces my thinking that this business is too reliant on the good will and support of shareholders to prop them up. What are they actually doing to be profitable? If the business hasn’t been able to make money historically, how is it going to do so in an increasingly competitive market?
It just strikes me that management think they can continue to rattle the tin when they get light on for cash... what about the board take a haircut? Seriously the arrogance of management not to do so at the last raising speaks volumes. The saving grace and differentiator of the ever increasing number of competitors is wave but at present, CCE are going through so much money they may not even be about when Albany is touted to go ahead. And let’s be real, no one knows if it’s even going to deliver.
Consider my position under review.... it was before the last tin rattle and I swore I would exit if Northam wasn’t in the ground.
I do feel quite foolish sometimes.
CCE Price at posting:
3.2¢ Sentiment: Hold Disclosure: Held
