RE: Shall I or not???11 May 2023 18:06
Interesting question CAGNEY ....Versarien shall I or shall I not??
Versarien had 100-120 Employees approx last year, let say they cut workforce by 30 percent....only taking a stab at the dark here , so may be down to 70-90 people including CEO gone. Still need to get a new CEO and pay him if they can find someone to work for free, as board is not taking a salary and i think due to cash flow issues, paying a new hire may be a big problem.
Let have a look at costs in the business for the interim period:
Net cash in operating activities cash at a cost of £3.68 million according to their books , that's a £300,000 operating cost a month approx, they have done approx £500,000 placing in March, covers them for April and May and and another £300,000 placing done in May ...which now covers costs for another month, ......so expect another placement next month at a share price 0.50p......cash burn is severe problem here......need to raise approx £3 million, so stay afloat for 12 months.......Cagney as an investor the real question is................are you willing to participate in another placing?.
Can David Stone.....new hire......generate another £3 million in investment for the business if so, via placing or private investor or institution investments......then they may survive and have to create some value or revenue......so a very difficult position.......lets see what the boards plan is........ any other suggestions for the board guys????