Go RedThe old "ROS" is dead.If they re-cap it will only be as a...

Go Red

The old "ROS" is dead.

If they re-cap it will only be as a backdoor entry onto the ASX for another project.

This Jeremy guy may have project lined up that he wants to get off the ground. Existing holders will be diluted to buggery, but in a backdoor entry is all about getting a new project listed not satisifying the needs of existing holders.

The re-cap would also likely be followed by a name change and complete changing of the board/senior management team. (if this strategy is in fact what Jeremy plans).

In summary it is a cheap way of listing a company, that is all really.