I think that they should delete the P out of MPG !!
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MPG down through 10c today.
Residential market for glass in decline, as new building comes off the highs... this will just smash profitability, as sales lower on a fixed cost base.
Need a quick $50-60m or so to pay off the debt, but total market cap only $20m at this point....
If they dont want to hand the keys back to the bank, they need to do a highly discounted cap raise IMO (what other way out is there). My rough calc is they need to issue 1 billion new shares at 5c per, to get the $50m needed. 200mill shares on issue now, so may as well just use them as tissues to wipe the tears of shareholders up and then bin them. Luckily the board and exec havent bought any shares, so should be sweet.
Looking forward to their May update!
Mander gone, Aussie sale fallen through, cap raise incoming.
$15m cap raise. This still leaves $35m debt, with reducing revenue impacting ebitda. Who is going to buy this cap raise.