horsepoop!!!!
they have been doing the "write-off" of recieveables for approx. 3 years ...........
around 7m a year ......
they basically have 3 major sustomers ..........
this means - they are essentially NOT being paid for services provided .................another way of looking at it - is when one takes the above into account - they are cashflow zero !
its become much smaller.......and (imho) the Board is simply acting on the behest of its bankers .........
am sure all would have noted:
1. the little papra near the ned stating "additional capital" may be reqd...
2. no earnings forecasts!
that is why (imho) this is sad ......
as you point out - a shadow of its former self
rgds
V_H
Halom views on equity raising, page-7
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