Too good to be true?, page-37

Even if this company was an Australian company I would struggle with it. Minority holders have no control over their money. If the business doesn't make any money the chairman will keep paying himself an excellent salary.
In the prospectus he said he would pay a dividend out of profit and then never did. What's the value of "owning" the cash but never having access to it and watching it get frittered away.
The 4m raised in the IPO isn't going to be returned to shareholders. Their chairman will likely buy a nice house with it.
I think the share price is fairly rational, judging this guy by his actions.