I think we can follow the second half money trail to give us a good indication of the state of play.
1. At the end of the second half they had under £2m of bank debt. By September this had increased to £2.5m and I suspect they have now reached the limit of £2.9m with Mentor.
2. £1m for assets sold to SGI JV.
3. 700k placing
4. 250k for Shalson options.
5. 880k for CMX shares today.
A total of £3.73m to add to the £4m+ of cash flow deficit in the first half.
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