Ann: Appointment of Non-Executive Director, page-3

As predicted, the conversion of this company into something else has begun. The objective is to access the only residual value in the balance sheet; the tax losses (more than $20m) and the label/logo. My guess is some sort type of functional beverage product so they can claim continuing business operations with the ATO.

I also suspect they're working on taking out the trash, including the inventory and any residual agreements, and selling the Ballarat land to retire the debt before the interest expense ends all the fun.

A capital raising is coming, but not certain if they'll de-list first before they hose off any residual value held by existing shareholders.

Fascinating as always! The only thing better is a series binge on Netflix.