Originally Posted by
Apathy
I thought the Chairman's comment "Our position today stands in stark contrast to where we were a year ago, when the company was primarily a small refiner of Omega-2 fish oils" was hilarious!
12 months ago (actually 13) they were trumpeting the biggest Australasian Omega 2 Manufacturer, demand was so great they couldn't target other markets outside of Nutriceutical, they had cash in bank and forecasting 280mt of Omega 3 sales...
Today - no money, too much debt, $6m in further losses (might be $4 - can't be bothered checking as largely academic), covenants breached, the only sales from new plant are 'trials' with the only business they ever had sales in is shut and they are discounting the capital value of the company by 40% to raise cash to fund losses - yep definitely a stark contrast.
Talk about grasping at straws - reminds me of that joke.... Dr says to patient ......i have good news and bad news ........ the bad news is we accidentally amputated the wrong leg....... the good news is Mr Jones in 403 wants to buy your slippers......