RE: Where’s the rampys18 Dec 2023 10:33
09:44, it remains to be seen how “convertible” that sand pile really is.
on the plus side, EUA managed to avoid immediate liquidation over a disputed £100K legal bill. yay!
on the minus side …
- very little cash left, ongoing high cashburn, no commitment from BoD to defer wages / take shares in lieu
- directors allowed in-the-money call options to expire unexercised, serious red flag imv
- zero mining going on, none planned for 2024
- when they do mine, it *costs* them money to do so, loss-making
- no source of income
- they still seem unable to sell the sand-pile (or just unwilling to accept a significantly lower offer than they’ve been trailing?)
- this was supposedly a “critical” year for the company to get the sale done, and they were “hopeful” of sale by year end - but they’ve failed on that.
- no prospect in near or medium term of london or us lifting sanctions; will make it v v hard to raise any more cash for russian ops.
- where has all the money gone that was ‘invested’ in the holding company, or ‘lent’ to the subsidiaries?? - whose pockets has all that money gone to?
… cui bono.