I do not agree. The cash that Recce gets from the tax refund (R&D Tax rebate) helps to fund the company's ongoing spend, which the company needs to exist. If you look at the company's last Appendix 4C (posted in October 2017) it shows that at the end of December 2017 it is forecast to have only $345,000 in the bank (even after allowing for funding from ASOF, the Share Purchase Plan and the R&D tax rebate). The company's monthly spend is around $300,ooo to $400,000 (based on Appendix 4C data) so potentially at this point the company does not have much cash left.
I therefore expect the company will be back to the market very soon for more funds i.e. expect another CR soon.
Ann: AusIndustry Awards Recce Financial Support, page-9
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