Beard, totally understand your frustration.
ACL has about $1.6m in cash and IMO they will not allow their balance to fall under $1m. I'd say it would cause problems in doing a deal if they had a balance under $1m and make them less attractive.
So on that basis, they would have to do a deal well before that, ideally by the end of 2019 calendar year.
By my estimates, they will have about $1.2m cash left at that time, based on $100k burn per quarter or $400k burn per year.
At the latest, it will be in the first half of 2020 but I very much doubt it will be left that late.
I'd contact them and see if they can give you any information as a shareholder.
Ann: Results of Annual General Meeting, page-12
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