As earlier posted, pro forma balance sheet indicates LRL with 1.4m USD cash after the 1.6m USD in accrued payables are paid. That was as at 30/913. Then there is 4 months worth of director fees and admin etc to catch up just to now, PA doesn't resign for a few more months! This company probably has less than 1m usd left in it. It is a sell all they way down to 1c IMO.
My disclosure is I have sold every single LRL and looking forward to LON: LEL
May buy back in once the market realises there is no cash left, that won't come from this negatie sentimented post, but rather when a more transparent picture is presented, i.e. when they release their next quarterly cash statements by the end of the month. PS you will need to factor in what is expected to go out in the next quarter (Jan13 - Mar13) to get a true cash back of what this company is left with as they seemed to defer the payment of their trade creditors.
Only thing it has going for it is the markeks love of penny dreadfuls, IMO I don't think it is sustainable trading this far away from its intrinsic value, which is around the 1c mark (just my opinion)
LRL Price at posting:
2.8¢ Sentiment: ST Sell Disclosure: Not Held
