Ann: Appendix 4C - quarterly, page-322

Doesn't have to be a total scam.

I'd argue the majority of the EV is in the directors. They are the ones that have won all the contracts. Credit where its due they have done a good job in that respect.

If there is litigation it puts the directors roles at risk, purely from a conflict of interest perspective. How does a small board make decisions in the best interest of shareholders if they are also witnesses in potential litigation. Even if the directors have only been sloppy at disclosures they may still be advised to step down to avoid putting themselves at risk of breaching conflict of interest rules.

Without the current directors the company is just a bit of software and a handful of developers, so not much EV.