RE: Tenner leaving26 Jul 2024 21:10
SmithyB
“And we can see 52m gbp plus the 3m gbp share buyback, plus payment of the 5m gbp loan ( i hope),”
Yes correct on the £5m loan that has now be repaid ( on top of the £7m odd bonus they got in the litigation costs) the £52m is £30m tender £20m cash in hand and taking £2m. Because that is approx what has been spent to end of this month in the buyback with only £1m of the buyback outstanding now .
Which leaves bonuses and incentives .
( they bought shares into incentive scheme and bought shares to satisfy executive options exercised)
But we did have a cash balance pre settlement which was to take us to cash flow breakeven as well mostly raise in 2022 funding…so that should be added back in….several M.
And cash burn on increased fixed cost base ..up to £400k per month which should be offset by the accrued interest .
My point is not that there is anything necessarily wrong but that the remaining cash allowing for the capital return is a pittance compared to the net numbers being bandied about.