Member Info for HarChris

Genghis did mention August so knows the deadline is end of July (four months after end of year which is March 31st) but the point is the audit takes time so would expect auditors in place now doing the work if they accounts are to be signed off in seven weeks time. This is especially true after all the issues last year which led to suspension and also the 'quirky' accounting we saw in the interims that showed ebitda going from negative £600k to positive £8.6m !

Between that time funding needs to be sorted, if only to meet the July coupon. It's not scaremongering to highlight what a mess this is and that at such a troubling time energy and focus seems to be directed at winning a vote rather than saving the company.

There isn't much choice, Shishir shared what sort of terms debt would be on yesterday in the rns and that was frm a time when the outlook wasn't so poor.

The only non dilutive option I can see is selling Mozambique assets but a distressed sale would probably only fetch ~$6m and TGR would need to demand upfront cash too - solves near term liquidity issue but that would be that on the growth front.

Anyone got any idea what the hearing today is? Standard procedure a few days before a trial?

They've really dragged this bb down to the level of ADFVN - unreadable on the whole now.

Not sure that was clever

Instead of just looking at Riot's bitcoin held compare the two companies in terms of net cash/bitcoin i.e cash + bitcoin - debt and you'll see why there is such a difference in mcap.

If BTC rallies hard that difference in net cash increases dramatically due to the large bitcoin holdings and if BTC tumbles Riot's net cash position protects them whereas Corz may run into some trouble.

Who else thinks the share price should be suspended whilst the trial takes place? It’s such a pivotal event for Novacyt’s future and those able to go and sit in on the sessions have a major advantage.

Be a much bigger impact on share price if a favourable result too - would go a bit crazy upon lifting of suspension I think.

Well if that was the idea then it's not been very successful has it? If you run the share price from 0.6p to 1.6p you're meant to execute the placing before it all comes crashing down, otherwise you're back where you started once you factor in a discount.

If they have to announce a buyback scheme before buying back shares then that alone would boost the share price almost certainly so I can’t see buybacks at this price possible.

It would have to be limited anyway because there won’t be much cash until the debt has been paid off in a quarter’s time.

I know he’s got a big holding but slightly surprised Segun or other board members having been accumulating during this time.

as for the point about tirupati carbons and chemicals i believe that holding is divvied up again - har****, hemant's son, said that hemant and family have 17m votes in total largely through poddar global resources llp.

Most of those are from the recent placing - they issued director and senior management shares on the 7th May.

See ‘Issue of Subscription Shares & Total Voting Rights’ rns

Well I believe the Galaxy loan is called in at the end of the hosting agreement so that's $12.8m to find at the end of the year, is that right? If so you must mean you believe the bull run kicks off in the next five to six months.

I agree it's reasonable to think the cash they have lasts till then so in other words they have anything from 4-6 months to rescue something. Still, I think any share price rise would be sold into and so i'm unsure they'll be able to raise enough to even cover the Galaxy loan.

Thanks and fair enough, that’s a huge drop in electricity/hosting costs even if it turns out to be a bit of a one off for whatever reason.

I’m always amazed with how Argo just crawls along delaying the inevitable!

I know, I just think it’s highly unlikely cash break even was as low as $3.9m for the month of May. Wouldn’t shock me if there’s a bit of creative accounting to come up with that ‘approximate’ margin, after all monthly operations updates are not audited.

$7m revs to $2.9m in a couple of months will not leave them with close to 12 months cash runway, I’m fairly confident of that. Well it wouldn’t anyway because of one off debt maturity falling within that timeframe but you know what I mean.

I find that very tough to conclude when you look at Q1 results with just shy of $17m revenue for the quarter.

I mean, if the below is really the best option that was on the table earlier in the year then that's a serious concern:

' In addition to an annual fixed return of greater than 50% to the lender, the terms sought to securitise all of the Company's assets in Madagascar, built at an investment of more than £17 million, against a loan of less than £1 million, which was insufficient to meet the Company's working capital needs.'

If he's going to air this sort of dirty laundry Shishir does need to explain how he's going to secure much better funding than this in the months ahead / in the very near term.

Yeah of course it's all educated guesswork for now but it certainly points to somewhere between 2 and 6 months cash left from today, with my guess being on the lower end of the range.

It will be interesting to see if traders still going chasing after it following any BTC rises over the coming weeks and months.

Marginally lower costs Hexam, it would still mean ~$2.9m cash burn this month rather than $3.5m.

It's pretty dire either way.

Mark does seem like a bit of a wrong'un!

Cash likely lasts til late q3, a couple of months left.