Originally posted by desertredlion:
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There's an argument that the board/founders aren't actually underwater at all. They *are* down on the $30k worth they bought with their own money @ 0.17¢ in the capital raising. But Hamish and Joe didn't actually buy their main 40-odd percent holding. They were created from nothing in the IPO. Their 100m or so shares were printed, just like the Federal Reserve prints/creates money out of thin air. The shares could go to zero and they haven't lost anything personally.
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My expectation is for the 4C and broader update to be out today.
If an ASX quarterly report is not lodged by this date, the company is suspended from trading until the report is lodged."
