Stephen Rudofsky of NEOS Resources’ swansong – nuff said!

My “friend” Mr Rudofsky of the corporate basket case that has been D1 Oils and latterly NEOS Resources, reported the following results today (and he was “pleased” to report this too!!!)

The overall Group loss for the period was GBP419k (6 months to December 2011: loss of GBP1.6m) and the loss per ordinary share was 0.24p (6 months to December 2011: loss per share of 1.15p).

The Group’s cash and cash equivalents at 31 December 2012 amounted to GBP1.2m (31 December 2011: GBP2.2m). Since December 2012, the Group has continued to incur losses and see further reductions in its cash reserves. At 28 February 2013, the Group had cash amounting to GBP1.1m, other current assets realisable into cash of GBP255k and known liabilities, including potential claims, amounting to GBP1.0m. The parent Company currently has cash balances amounting to approximately GBP630,000 and known liabilities, including provisions for claims and contractual payments to the directors, amounting to approximately GBP380,000.

So, basically there is net assets remaining of £255k at the Group level and you and Myerson Jnr and Wolfman (who has been in situ for mere months as FD) are looking to take over two thirds of the remaining Parent company’s cash? Way to go Stephen – let me know where you end up next so I can short the stock!

In a nutshell, since Mr Rudofsky was made Executive Chairman of the Company he has basically lost almost the entire remainder of the company’s cash resources & brought the company to the brink of insolvency and a de-list from AIM. Shame he didn’t resign sooner.