Ann: Appointment of Voluntary Administrators, page-372

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Laup56

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27/09/24

14:24

Post #: 75873726
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Originally posted by sydneyguy ↑

ray

a month ago after I pointed out that Va said no secured creditor and said it would get messy. You followed up with copy of Va letter and said to all and sundry, not secured , see administrator letter , dont you understand etc etc, Va they know better and realtec is unsecured and that be the end of it

a month later , the Va has agreed not to oppose realtec application to assert their first ranking full security —— why is that ?- well first the company said it was going to grant it, it held a meeting to have all shareholder approve and they did, and then they took da money- they will get their security and so they should ,registered technically or not ( some people actually have unregistered mortgages) everyone knew full security was being granted- it’s a public co pant and it made public disclosures and took the money- if a court didn’t Just frant that it would cause problems for others wishing to raise capital -

that said sure changing a Va can be difficult as it’s costly , but your confusing changing an appointed va for another Va—- a receiver and manager is not a va- they have different focus obligations and powers- you can still have both appointed

time will tell what realtec do- imo they should def appoint their own receiver to protect their interest- the tech isn’t worth much even the company admits it’s not even finished and needed further funds to finish and then get approved- best asset is going to be the shell on asx- with Va already in there there is probably a lot less cash

Btw, no one said realtec would imply or say kpmg are inept -appoint this person as Va- realtec appoint a receiver that is totally different and above a va-

if realtec can realise stock and assets for more than what they are owed and what is owed to receiver then the balance gets flicked back to va and he can deal with moving towards winding up- (unless of course you think all that ip which has produced no financial results and delivered a negative will sell for multiples over what realtec is owed and it’s expenses after priority creditors like employees and ato etc)
I can’t see it happening, imo realtec could sense something wrong after massive injection delivered nada but requests for more money came quickly - they gave some equity but protected themselves with full security - they should enforce it imo

other equity holders should have seen this move as serious change in behavior from a supportive investor who was giving a lot and then seemingly being backed into a corner with requests for more money so quickly after reports being delivered showing no traction and no financial results-

Realtec taking security of over all the assets of nuh was a massive red flag to many equity holders -

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Misrepresentation by you and other disgruntled former Nuheara holders, is like a disease on this forum.

The trolls are bad enough, but you really should stop twisting & distorting what others say, to suit your disgruntled former holder narrative.

TGIF!

NUH Price at posting: 8.1¢ Sentiment: Buy Disclosure: Held
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Ann: Appointment of Voluntary Administrators, page-372

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