It was always a huge problem for CCC. Their finances were so interwoven with loans and other companies that it was hard to work out exactly what was hype and what was real.
It seems this transaction will, according to the announcement, 'The Board is firmly of the view that the transaction would leave the company debt free with excess cash reserves at its disposal and the ability to pursue new opportunities. '
Yet another vague comment. Excess cash of $10 mill and it's a bargain. Excess of $2 mill and the shell company left over with an current market cap between $4 & 5 mill (at 0.4-0.5c) looks relatively expensive.
Another gamble I guess.
Milesy
CCC Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held