To say that, despite both creditor and debtor being controlled...

To say that, despite both creditor and debtor being controlled by the same person, the loan agreement was somehow executed on an arm's length basis is delusional and shows that both Paul Hyslop CEO and Paul Ravlich CFO are incompetent at best.

Looking back on September quarterly both Hyslop and Ravlich misled the financial market. Stated that they were confident that they had sufficient working capital with the loan of $500k. Yet, one month later they quickly needed another $285k not to go bust before the rights issue in February.

Clearly, the company is in death throws, and not a going concern. If the auditors buy into Hyslop's bullshit again after last year's accounts, then the auditors would deserve to be sued.

Wonder what's happening with that NZ prosecution. Company is silent on the potential quantum of fines and damages which may amount to concealing material information ahead of the rights issue.

If I held any shares I would make sure I sold now as it may be in administration / liquidation before we know it.