I own WWM so I really like this space. Still can't quite decide...

I own WWM so I really like this space. Still can't quite decide whether at 18c (Fri 16/6) RNC is a buy. Yes it is off 80% since listing but that in itself is no reason to buy. Clearly to date management have been unable to execute their strategy. They have in fact now changed the model and gone back to a part decentralised model. On the plus side they have approx 20,000 properties under management which gives them an enormous revenue base to start with. A market cap of $11.5 mill as of last Friday looks attractive. But with only $3 mill cash and $40 mill debt i'm worried they will need to keep borrowing more money to keep the things operating in the short term. At what point will the bank say enough is enough. Would appreciate all thoughts on this stock.