Member Info for Rhambo

Hello GFD Worth noting that the results are unaudited so it is the BOD that has decided not to issue a going concern statement. Solvency and cash are two different issues... solvency being based on the NAV, cash being 'can you pay your bills'. I don't think the company is trading whilst insolvent (presumably it could sell itself and cover its liabilities), but I don't believe the company has enough cash to help deliver on any potential contracts and indeed it is running out. The market reaction appears to have cooled towards the end of the morning now. But let's not get hung up on hour-by-hour sp fluctuations! Two things I took from a bear perspective from today were 1) increased debt despite a pay off of HSBC debt with the three million convertible loan; and 2) only 2 million in the bank. There is a world of difference between accruing £8m revenue and turning that into cold hard cash. I have a low opinion of 'adjusted' EBITDA as a measure of profitability. I haven't seen anything to convince me to close out my short position today. I think an update on cash in the next trading update (early May?) should give guidance. Regarding RZ - I don't think matters have settled shall we say amicably, interesting not from the RNS: "During 2015, Paul Foulger, Tito Bacarese-Hamilton, Doris-Ann Williams, and David Toohey all left the board. We thank them for their service. Sadly, Kevin Wilson who gave loyal service to the Group, passed away in November after a short illness, and I offer my condolences to his family. In addition, we announced yesterday the resignation of Ron Zwanziger as a non-executive director. The Board has also been informed that Lurene Joseph is not seeking re-election at the AGM and accordingly will step down from the Board at this time. I would like to thank Lurene for her work on the Board and in particular as part of the Audit Committee." I can't help but noticed that everyone is thanked apart from RZ, his departure is factually stated. If he wants out, then there will be significant overhang on the stock for sometime. The SP will let us know if someone is exiting in the coming days. Thanks for your thoughts, R

Also no going concern statement....

Actually worse than I though, net debt has increased even with the 3 million ALL being used to reduce debt. 2millikn gross cash at 31 dec, so I ask what is the CURRENT cash position EKF? This is what shareholders should demand to know.

So you think they now have two chairmen??

This is true... many companies do this on AIM it must be said though... However, the trading whilst insolvent rule only applies where there is no realistic possibility of refinancing. This company must, in my opinion, need cash pronto and I cannot believe some sort of fundraising will not be announced imminently. This is why I think the results have been delayed a week with issues over a going concern. I am prepared to accept I may be joining wrong kind of dots though, just seems to me reading all the RNSs that cash must be an issue by now (again).

My big question tomorrow is has all the money gone? At the end of H1 on 30 June there was 2 mil left. Cash burn for for the period was ~6 million. In December, the company got a loan off RZ (note, not an institutional investor) for 3 million presumably because it was more or less gone. So if you accept gross cash in December was in the region of 3-3.5 million, what has the cash burn been since then? Obviously tomorrow, the report will be to 31 December so the balance should be in that territory but I think EKF's shareholders should also be told via trading update what the CURRENT cash position is, which I suspect based on H1's operating burn of 2 million plus or minus cost reductions but also loss in trading income will be about the same, current gross cash must be approx 1 million or less. It would appear to me that the company needs to be transparent and provide full disclosure on its cash position tomorrow, something that was notably lacking from the February update. I suspect it is pretty grim.

My theory: Promises have been made about April that have not been met - i.e. the cash situation. RZ is out, all the problems that will be published in the accounts tomorrow will be scapegoated to him with promises of a new era under the management team. I could of course be completely wrong.

Anyway last word from me, it goes without saying the choice here is between 0p or 3p so no brainier. I'll leave you guys to it now, please open your minds to a bearish view next time, it could save you some money. Atb all of you (yes, all of you)

No just your over sensitivity and irrational behaviour. Compare your response to a guy called goldenflyingduck on the EKF board when I told him I am shorting his stock. Chalk and cheese.

It's not like i wasn't on this BB pre suspension saying you should sell but instead of listening you just filed abuse against me...

Better than 0p which would be the outcome if you didn't accept.

I'll post if I want, thank you. And no, I don't think it increases your chance of seeing any value as an equity holder. As previously stated, the bondholders effectively own the company now. Bar some incredibly charitable act by Worldview, it's just matter of time before this is confirmed.

Looks like there is value in this at these levels.

JMSM, I understand your emotion at £25k down the pan, but you can't say that you weren't warned. For the avoidance of doubt, it absolutely IS over because WV has now taken the position of bondholder and the debt is so high that the bondholders in effect control PCI and not the shareholders. Therefore, your equity IS worthless because the bondholders will take ALL of the assets in order to claim the value of their bonds. After the debts are cleared (if they are cleared) that leaves shareholders with nothing. Zippo. 0p. I suggest you try to come to terms with this and direct your bile at the BOD and not me.

I don't understand why you say you wouldn't have accepted the 3p offer, it would have given you something rather than nothing.

Not very keen to get the results out early this week, you would have to think the longer they delay them the worse it would suggest they are....

WV have issued an RNS stating they have bought 69% of the debt at a discount to the bond market value. Unforunately for you guys, this does pretty much mean curtains, but I wish no one ill as you have (for the most part) debated in a civilised manner with me (refreshing for LSE) and I wish you the best with your other investments.

Kudos to shamusor on the advfn board for this one: https : //www.parliament.nsw.gov.au/prod/parlment/committee.nsf/0/47c667e2968cfba4ca257f1b00802584/$FILE/FINAL%20151215%20Report%20compile.pdf SALM system (RNS: 2 Oct 2015) has been a complete disaster and the Aussies are canning the deal.

Looks like market is being primed for a real kitchen sinking exercise next week, so I expect a bloodbath, especially with the FD going it sounds like the purse strings have been flapping in the wind.

@huggs with respect, it's not a sale but an offer AND it has only been mentioned in the Times, not by PCI. I would not put any stock by Egypt until an offer figure and recommendation is published via RNS. It could easily just have been a rumour.