ENG 0.00% 89.0¢ engin limited

share issue

  1. 1,960 Posts.
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    Capital raising of $8.4 million @ 3 cents per share, issued on basis of four shares for every 5 shares held. Underwritten by wholly owned subsidiary of channel 7.

    and here I thought my take on ENG couldn't turn any more bitter..

    Let's not outline the new income/expense projections, such that nobody has any idea if the company stands any chance of turning a profit any time soon. We'll just leave them in the dark, and announce a capital raising when shares bottom out. I noted MNF has a market cap of $4m, so contrary to my earlier musings, we still have some room to drop from current market cap of $16m @ 4.8 cents :).

    At this point I don't have a clue if following their restucture they will still be burning cash, do they need more subscribers to become profitable or can they achieve it with current numbers??

    end rant
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