Plough,How do you get a cash burn of $600k for the half year? As...

Plough,

How do you get a cash burn of $600k for the half year? As per the half yearly net cash used in operating activities of -382k, cash outflows for exploration and payments for property plant and equipment of -$2,568 that is total outflows of -$2,950k (ie a mere $500k per month or about $16,500 per day!!). Of course thanks to the placement (rescue) (net $962k)(from TTY), a total burn of $1.988 for the half year). By my reckoning, based on the December quarterly the cash outflow for the March quarter is around $1.5m.

Just look at the net assets - net liabilities as at 31 December 2007--$120k with an expected cash outflow for the next 3 months of $1.5m? They were broke within the first two weeks of January 2008. Unbelieveably reckless way to manage a public company.


I am not negative on the company's assets, indeed I think they are quite prospective, but am totally disgusted at this board's conduct, its total lack of transparency, its lack of vision, what it has been done to destroy shareholder value and what looks increasingly like a total set-up.

Would love to see a white knight ride to the rescue, but as I will reveal in a post later today, I think this board has every reason to want the Big Guy, and as soon as possible, to take them out to avoid some very embarrasssing issues so in true Perth fashion, it can be swept under the carpet.

Today's half yearly (lodged late as usual) is yet another utter disgrace and heads should roll.

Why would anyone believe a word this mob say?