$7.4 million turnover expected for the quarter. Sales up in all markets and the list of new distributors is impressive. Had they not had to book the half yearly convertible note interest payment (400k?), several payments to settle the franchise issue (300k?)and costs relating to PY's pesky requests for GM's (?), they would have been well in the black.
The turnaround strategy appears to be working and it is now going to be hard for Merim to support his gambit that the new management don't have a clue. They are clearly getting support from major stakeholders and putting it together well. I'd say unless PY is offering some kind of sweetener, Merim's allies will be wondering now whether its better the devil you know.
And I wonder if there is a point at which Merim gives up trying to undermine the foundations, takes the weights off and settles for a profit on the original investment. probably too early to hope for that, but you never know - its got to be in the realms of possibility if they can't get the people on the board.
MTM Price at posting:
10.2¢ Sentiment: Hold Disclosure: Held
