they should do a share consolidation
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they should do a share consolidation
https://www.nzx.com/announcements/421072
WasteCo has raised $1 million from a share placement to a wholesale investor in New Zealand.
The wholesale investor has subscribed for new shares in WasteCo at a subscription price of 6.5 cents per share. The funds raised from the share placement will be used to support the growth of the company's existing businesses and to assist with future growth opportunities.
Settlement and allotment of the new shares under the private placement is expected to occur on 6 November 2023.
The WasteCo board is in discussions regarding further share placement to other wholesale investors to raise up to an additional $2 million.
Outlook
WasteCo is well-positioned for continued growth, with strong market positions in its
chosen sectors and the recent business acquisitions positively contributing to the
Group. In addition to the growth within existing businesses there continues to be
compelling acquisition opportunities in the South Island. The Group expects to
report an EBITDA result for the second half of FY24 in the range of $4.0million -
$4.5million on revenue in excess of $25million.
The above commentary on today's interim.
I thought it was a terrible result.Current liabilities of $21,847,000 far exceed current assets of $9,106,000
Total assets of $68,638,000 are only supported by $17,859,00 of equity,ie equity ratio of just 25.64%.Negative cash flow from operations was $899,000 while the loss for the period was $1,097,000.