Ann: Redflow enters Voluntary Administration, page-53

Well, let's consider a few points:

1. CEO underperforming.
2. CEO and Chairman being paid far too much given the size of the company.
3. Poorly arranged capital raisings that previous experience had shown would likely fail to raise the funds required.
4. Poorly considered share consolidation that seems to drive teh share price downwards.

otoh, you have to give them credit for finally admitting their incompetence and calling in the administrators.

I guess these things have been going on for years, and it could be argued that shareholders should have dumped the lot before it got to this stage.