I don’t think the stock split was meant to entertain us. I firmly believe that a company raising money in a pre-seed round and not covered by the Corporations Act, isn’t obligated to provide updates and could potentially delay them indefinitely. Not giving updates doesn’t necessarily imply that a deal is in the works.
Some posters suggest he’s usually good about providing updates, so if there were no deal, why would he hide that information? Simply stating that no deal is on the table could cause significant trouble, especially if he’s borrowed money for recent acquisitions of properties.
Meanwhile, PLS regularly updated their shareholders between Jan - Mar 2024 stating "Joint venture deal is on track and will complete by end of Q1" and they actually signed the deal by end of Q1. Even if there is a delay Phoenix mgt may have chosen that path providing some update about the process.
