These guys generally play with a fairly straight hand - and, whilst we may bemoan whats happening at the moment, withour PRT Destra would surely be in a huge mess at the moment.
Whilst short term doesnt look good, post cap raising at 10c (inderwritten, so its there), Destra can clean its act up.
Hopefully, no more borderline acquisitions, focus on concolidation, dump companies where it doesnt have control (eg QFX), and focus on its core markets. The cash from the rights issue will clean up the balance sheet 0- and the $1.5m additional from the Brisbane property covers the BVI loss - so, from where this was 4 weeks ago, the only material issue here is BVI - which was contributing $100k to the P&L - but really now only affects the balance sheet.
I feel very sorry for Domenic - lots of hard work, to arrive at a position of not much worth ($80k?).
Hopefully DES can learn from this in that all these fancy financial instruments come at great expense if they go wrong.
DES Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
