Yes they could have IMO. Did they try? It is not about issuer or the holders ownership structure it is about terms of contribs and want of CFO and legals IMO. Why would current shareholders allow them to be cancelled when they have never been showen evidence that they were persued and seen advice that holders of contribs had no assets to pay for them. Who did they put letters of demand into?
What you may have read was about nick boulton who bought the 50k of bris contrib shares in a Pty Ltd co and he then owed Bris connect mill bucks call on installment. He walked with 4.5 mill bucks as others tried to cover their buts as Mac bank and others had all taken massive fees from listed company as part of teh structure and left retail shareholder carrying the can. The contribs were ( should have been trading neg 99c but ASX would only allow then to trade as low as .01 cents as they have no negative facility.
