Ann: Sale of ERST completed, page-2

Anyone going to the annual meeting today?

Expected proceeds from the sale were $4M and we are getting $2.2M. Another overpromise......

These guys have given me plenty of disappointment over the years, and just when i think something good will happen it doesn't.......

Erst sold for $3M? It made $1.6M profit after tax for 17.
It has operated for 4 months of this financial year, so should have provided a good profit for the co up until the end of October.
Instead from the sales proceeds 640K of cash has been added to the sale proceeds, but $1.22M in liabilities have been taken off (and $220k transaction fees).

Where did these liabilities come from??

I had a quick look at 17's annual report and could not see Erst's standalone balance sheet as it is an asset for sale.
Erst's 16 bal sheet showed $288K in total liabilities. How does it make $1.6M after tax profit in 17 and trade for 4 months of this fin year and then have $1.22M in liabilities? That smells.

Cmon guys. Pull a rabbit out of a hat. I own lots of shares and you guys have been one disappointment after another.

I still see a lot of potential from this price, but don't feel we are getting the full story and directors need to do something for us so we don't keep losing money.

We are now on a $3M EV and sitting on big losses.