Let's say we ignore the elephant figure of $26M for Intangibles, because let's be honest, do we really think we are going to see that returned (its a spec!).
That leaves effective asset value about $340,000 in real assets - cash, receivables and plant(is book value realizable?).
Against this we have employee benefit liability of $677,000.
So if we sell up today we can only afford to pay the people running the show about half of what they are owed. Any wonder the auditors would slap on a going concern warning.
And any sort of results are still 6 months away. I find it hard to keep believing.
APG Price at posting:
0.5¢ Sentiment: None Disclosure: Held
