Lets knock 30% off (stocks + debtors) to be safe. Also take into account creditors. This gives us 18.1M of liquid assets , over 75% cash.
Recent trading statement states 40% increase in losses for 6 months to end Sept 2002 as compared to 6 months to end Sept 2001. Loss of 5M to end of Sept 2001. Therefore loss of 7M for 6 months to end Sept 2002. This includes one-off rationalisation costs.
Cash burn should now be reduced signicantly after closures. Lets say 500K per month, but hopefully less. Therefore to allow for month of October, current "cash" position is 10.6M or 27.5p per share.
20M of intangibles and 4.8M of tangibles on the balance sheet. Unfortunately no freehold property.
Directors own around 25% and have been buying recently. AOR also managed to raise significant cash at well over 3 quid less than 18 months ago. On 9th May 2001 raised 20M at 320p per share! And on 29 May 2001 issued 1,623,971 new ordinary shares at 376 pence per share to raise 6.1M! Unbelieveable?
Cash should hopefully last 2 years. And what value the technology? (see www.aortech.com and the annual report) Surely after the tens of millions of pounds spent it must have considerable value to a competitor. Id hope the technology alone is worth the current market cap of 4M. And of course there are significant tax losses which can be considered an "asset" to a profitable predator.
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