SEI 0.00% 2.9¢ speciality metals international limited

Running out of cash fast, page-61

  1. 899 Posts.
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    In The June quarter I posted SEI had $603,000 estimated quarterly spend was $375,000 balance should be $228,000.The real spend was $510,000 in the quarter up to sept 30 the balance should have been $97,000. I was wondering where SEI got this $670,000, this is what management has done. SEI paid $800,000 for the Quarry as a deposit with $670,000 refundable should the purchase not proceed.MANAGEMENT ARE USING THE QUARRY DEPOSITS TO STAY A FLOAT.You can read this in the 2018 Annual report if you don't believe true facts.Does this mean they know the quarry deal will not get done, as they are using the refund to stay afloat.Or is the Quarry owner lending them back there deposit so SEI can stay afloat. This is Terrible news for share holders If possible partners and lenders are doing Due Diligent's and management under estimate their own Quarterly expenditure predictions by 36% and have use their own quarry deposit just to stay afloat.Any serious investor would not go near this management team Posters who knock me should just knock the facts I am giving you if you think they are wrong, I am trying to help you.I was fooled for so long believing this management team, most investors have lost money here including myself. Note I have no intention of buying shares here as some of you suggest, posters don't drop the share price but bad management does. CHEERS
 
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