Maxy I'm curious why you persist here. I think by now your warnings should be abundantly clear to the retail bunnies (of which I was one and have learnt a lot from this experience). Have you previously been stung by a Malone operated scheme? It's the only plausible explanation as to why you have such resentment to this particular security.
For the most part I've quietly followed this stock. The threads over recent months here have read like a Bold and the Beautiful or Days of Our Lives saga.
Fortunately I managed to escape with half my capital after I was convinced I'd lose it all for months. I tried contacting Craig Piercy for months while this was suspended and he dodged dozens of calls.
It made me uneasy at times being resigned to a loss with my early days portfolio in red (even though I didn't have a life changing amount it was not an insignificant amount, the embarrassment of falling victim to this hurts more). My portfolio is looking much healthier now.
To be frank I'm bewildered how it managed to relist and that I managed to get 4c a share (fully expected 1c a share). I feel the price is currently only propped up by the options underwritiing and as you have suggested the funds may be recharacterised as a loan, which never gets repaid or ends up in litigation.
I am highly skeptical of the legitimacy of the R&D Incentives claimed, which is currently SKN's primary source of working capital. Knowing what I know now an AusIndustry referral wouldn't go astray.
I'm frustrated with how management, particularly Malone slinks away from acknowledging any fault. Unfortunately it's not the first time, my parents also ran afoul of a Malone swindling (New Tel), which I recently realised. At first glance there are some stark similarities here.
In hindsight I wish I did some more SKN esque due diligence (ie. Google searches) prior to diving into this off a 'tip' as it would've uncovered heavy skepticism of the track record of this management and its associates on this forum dating back to when it first listed.
I wouldn't be surprised if the management attempt one last pump of this but fundamentally I'd suggest any current shareholders to reconsider the risk profile of this investment and whether they want to be associated with the key personnel. Malone needs to be ousted at the next AGM and even that is unlikely to be able to save it in my opinion.
I also hope that any good natured person who has been duped by this stock and suffered losses is doing OK mentally and I wish you better luck in future.
