RMG's new executive chairman, Don Bourke, said yesterday that the Australian-based debt collection company should be profitable by next June.
Bourke, who described himself at yesterday's annual meeting as not just the chairman but a "long-term suffering shareholder", said the latest loss of $10.3 million - or $3.2 million worse than last year - was unsatisfactory but the company could be turned around.
RMG, which is part-owned by entrepreneur Eric Watson, has issued A$6 million ($6.57 million) of notes, paying 13.5 per cent interest. The notes are convertible into equity in two years at 2Ac.
RMG chairman optimistic
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