What a fiasco ……https://www.nzx.com/companies/SEA/announcements/262306 - running out of time, cash and stories to tell.
Having secured raw materials to run 24/7 for 18 months and doubling sales they still can’t make money…
They are saying that the original cost for expansion was $6.0 million --- and yet told shareholders in January last year the total cash commitment was around $4m. So it’s blown out by more than $5million??
There was only $2.3m in cash at half year and only $720k spent on plant and equipment – that means they are short $1m on original forecast of $4m cash - $6.2m short if it is now $9.2.
As for sources of funding….. can’t be cash flow as there is none, had to go to second tier lender for working capital already so it looks like lease and capital raising..
Imagine any equity will be at a healthy discount on today’s share price..