Originally Posted by
percy
185,378,086 shares on issue gives at 53 cents a market capitalisation of $98,250,386.
From the balance sheet,year ended 31st March 2018, we see total assets of $300,787,000 with shareholders equity of $160,336,000.which gives an equity ratio of 53,30% which we would expect of a manufacturing company.
However, the picture changes should we deduct the $159,487,000 of intangible assets on the balance sheet, leaving only $ 849,000 of "real" equity ie 2.82% supporting $300,787,000 of assets.
I would question the real value,if any, of these intangibles.
A 1 for 1 rights issue at 50 cents would raise $92.5 mi increasing "real" shareholders funds to approx $93.35 mil, still only giving an equity ratio of 31%.But who would support it.?...........Not flash.