I agree that their are genuine reasons to question the motives...

I agree that their are genuine reasons to question the motives of Chimeara in allowing VXL to draw down debt when they must have been aware that the company could not produce "in spec" graphite at even a breakeven production rate.  At that time the Nett tangible plant and equipment (NTA) of VXL was $8,554,085 (table 8 of annual rpt), had $1,588,807 (table 5) of unrestricted cash in the bank but owed A$5,509,371 in trade payables (on 30 days payment) (table 11) (i.e VXL's only worth $4,633,521 at 30/6/15).  At this point Chimeara allowed them to draw down $5.5m (i.e more than the company was worth) and any lender knows that you are unlikely to get the NTA value for plant and equipment in a fire sale; the last thing most lenders want to do is run a graphite plant.  Good to know (Aushed - thanks) that at least they do have customers.  What really puzzles me is that Ian Pattison (a director of Chimeara Capital Management) (link to Pattison CV) had (ann of 3/7/15):

	Column 1	Column 2
0	Chimaera Capital Limited	150,000 Shares 200,000 Listed Options 75,000 Unlisted Options
1	Chimaera Capital Limited	1,950,000 Shares 2,150,000 Listed Options 1,075,000 Unlisted Options
2	Ian Pattison and Katherine Forrest ATF Sylvan Superannuation Fund	1,440,000 Shares 1,300,000 Listed Options
3	Chimaera Capital Limited	500,000 Unlisted Options
4	Chimaera Capital Limited	450,000 Shares 450,000 Listed Options 225,000 Unlisted Options
5	Inverarey Pty Ltd	180,000 Listed Options
6	Fuddy Pty Ltd ATF Pattison Superannuation	600,000 Shares 600,000 Listed Options

   
and then (at the end of June 2015) Ian Pattison further invested $221,850.00 in the Rights issue  for an additional 765,000 Shares and 382,500 Listed Options when he must (as a director) have known of the perilous state of the company (however lack of a finance man may explain the issue - if so it's unforgivable).

At 30/6/14 (table 11 in Annual Report) VXL .   If VXL goes into administration (or receivership) he (and Chimera) will lose all the above along with all other SH's.  It would appear that Chimeara (and Ian Pattison) were involved in sagas with Pluton in 2014 (Pluton Saga) and ANZ in 2008 (ANZ calls in Receiver)