I think it's probably trading cum raise (as in people expecting a raise). I know still has almost $3m in bank and their expected cash outflows for the qtr are only $1.5M but this is a level were market starts pricing in a CR, whether correctly or incorrectly.
Add the fact that we are in a very soft speculative end market, and well the SP performance is probably not all that surprising.
Personally, as a holder, I have no issue with a raise (as long as not at a massive discount) as I subscribe to the theory you need to spend money to make money.
Maybe they can get by without doing a raise if they can score a couple more contracts with up front lump sums. That would be nice.
Cdchi1
SNS Price at posting:
16.0¢ Sentiment: Hold Disclosure: Held
