You have that right re an interesting position.
CBA writing off debt from $13.285M to $6M.
Directors lending company $1M and now converting $600k of debt to shares @ 1c.
$4.7M raised at 1c.
Company after raising will have 678.8M shares on issues @ 1.3c = $8.7M cap with $2.4M cash, debt dramatically reduced to $6.4M and creditors reduced by $3.7M (creditors are now less than debtors).
Company has $33M in retained losses, generates annual income above $50M and has been operating EBIT profitably.
The bank would have been breathing down their neck for the last few years and one would hope any fat on the co would have been trimmed.
They have work on the cards and are winning more. High risk, but a good chance of making a nice return on this Ev. Could be a great turn around story or a dead duck. Their future financial reports will be very interesting.
