50M out is material in a company this size, with their level of turnover. Imho it's pretty clear that you need to get the financial right for a prospectus. Don't think it's too hard to draw at worst a cira circumstantial argument that getting it so wrong was more likely to be negligent than incompetent. Particularly as it's likely 5 hat the first cap raise wouldn't have got up if the right numbers were included.
Nextly, if they can't pay their bills when they fall due then they are proabbly insolvent. If they've incurred additional debt whilst insolvent then directors are potentially in breach of their duties and the corps law
PLV Price at posting:
3.4¢ Sentiment: None Disclosure: Held
