Ann: Court application for orders validating sales of shares, page-21

@plough you aren't adding anything meaningful to the conversation. Why are you here?

But in reply to your 'witch hunt' claim - Look at the timeline:
- 11th March - EG announce a 10c per share buyout of Oliver's
- 11th March - Three Directors immediately option up 20M shares at 2.2c per share - these cannot be sold for 12 months - My take is this is a statutory protection mechanism to prevent investors from insider trading.
- 4th May - One of the three directors who optioned shares 'resigns'
- 25th May - EG deal 'finalised' - In reality, the EG deals collapsed
- June - Share price plummets
- Early July - Share price is recovering and some of the above mentioned shares a sold and the Board thinks it's all OK



From a retail investor's perspective, it's very suspicious.

Isn't it funny that as soon as Jason's pride and joy was going to be sold to EG, one of the board members resigns and Jason returns as Chairman? Who resigns from a board of directors at such a critical juncture in a company's history. What company restructures the board in the middle of a takeover bid? Why did a board member resign right in the middle of all this? Why, with Jason as Chairman, did the EG deal fell through (sure, there was the cash-on-hand caveat, but were the negotiations really in good faith?). Why did the board think it was OK to overlook the sale of the quarantined shares?

To be clear, I'm not accusing anyone of anything untoward - I just think that there are elements here that might be worth a closer look.

A board member taking up 5M share options, resigning, and then feeling it's perfectly OK to sell shares optioned to him as a director because he is no longer a director - definitely worth asking some questions.

It looks like the auditor telling ASIC that he felt Oliver's were not a going concern has triggered ASIC into investigating this period of Oliver's history. I doubt (hope) the Federal Court hearing will not be the end of this.