good news, page-26

I think that management wanted to sign off on the financial reports as a going concern, which they appear to have done in this case. That notion of going concern was linked to the cornerstone investor, which they probably thought they had sorted some time ago until the previous guys pulled out.
Although I’m not wrapped in the management, I don't think they wanted to go to market with their financials looking so precarious.
As it is they are suspended anyway, so maybe the ASX wasn't prepared to give them a free kick due to the account lodgement being late.
I have to say it is embarrassing when they put the list out and you see some of the other companies as a few of them are perennial offenders or just plain crappy companies.

This is why it is disappointing that we as shareholders (not that I’m in right now) have entrusted management with our money and they have mismanaged the operation financially. I can’t see too many quality organisations wanting to partner with the current management, unless they are being provided with tremendous upside, which is what has occurred.
If the cornerstone investor is getting shares at 0.25 cents (massive discount), then they have truly got in at the bottom. I know it could go to 0.1 cents, but let’s assume that there is value here then our new friends have got a great deal at the expense of all other shareholders.

I understand the point that there is a rights issue, but remember that existing shareholders are being severely diluted and the cornerstone investor isn’t holding shares at 1, 2 or 3 cents each like allot of investors.
My favourite sort of investment is one that never issues any additional equity (with small exceptions such as shares to employees) such as Woolworths who didn’t issue equity during the GFC, so this situation irks me considerably.