RE: Cenkos updated to 8.6p2 Nov 2020 11:45
Cash better than expected and strengthened since period end reduces perceived funding risk
The cash reported at period end of A$38.2m was significantly better than our expectation of
A$32.0m.
However, after accounting for net debt movements, the improvement in net cash was
even better at A$8.0m.
In its results presentation, the company has announced a Q1/FY21 cash position of A$35m [at
the end of September] which, following period end (23 October) fund end raise of US$20.0m
gross (cA$27.5m net) from Federated Hermes Inc, provides in our view a strong position to
deliver its path to profitability without the need for a further capital raise.