read up on Photon !
I bet the auditor there wasn't reporting red flags for period upon period upon period, but when the new CEO came in an took over to find a financial train wreck including over overvalued assets and excessive salary payments, even nepotism, then it was all laid bare !!
the punch line is that despite multiple years of cap raises, the shareholder value at the end of that period was 50% of what was raised and then fixing up that mess things dived south big time !! - sound familiar ?
That company, Photon, is now under the ticker code ASX:EGG - Enero Group and is actually kicking goals but it's 10 years down the track .. lol
Ann: Appendix 4C Cash Flow Report, page-12
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