The whole debacle was due, from what I can tell, to valuations that both RSM and ASX found untenable. These valuations were (IMO) provided, or accepted by our accountants and given that these valuations have been shown to be spurious, why didn't the accountants do a backflip; apologise; or in fact come up with any excuse, just in order to satisfy RSM and the ASX. Would it have made us insolvent without the valuations? Did the accountants not wish to "lose face"; admit to errors of judgement, or other reasons that I would not wish to speculate about: I really don't know the answer, but of course they did have a lot of shares coming from unpaid bills; I imagine. The untenable part is that the BOD went along with it. Even RSM only gave a "we have grave concerns re valuations, or something along those lines. This Co has/had I believe some serious tech in the wings (but perhaps that is completely wrong) given no one has seriously stepped forward; or we haven't been told. If liquidators are called in, i will be really interested to see who steps up and buys any of the goodies. Interestingly, it said we were delisted because the annual asx fee was not paid. The annual fee for a co of our Cap is $26,903. Hunting was going to lend us several million from memory to "save" the co. And he couldn't come up with $27G to keep us going? Of course we do know he is in a series of bothers right now. I guess we are dead and a lot of people have lost a lot, including DM and Our Man in Havana; well Indonesia, but that doesn't sound as adventurous. There are also a group of s'ist'ated punters that put in thousands many years ago just to save this co. I wish them all well. Of course no one was helped by Kings dying up north, and various insurrections that seemed to dry up any tag sales. And they were why many of us bought in. Millions and millions of cars. So I'm really sorry folks, and especially to all the friends I put into this mess. Most of us had in excess of 2 mill shares post consol; so it has been very unsettling. And please, don't get me started on ICITY. That story would make a great book - The Con of the Century I would call it. And surprisingly, we all voted for it. For Nada, diddly squat, zip, etc. Somewhere, there was a forward looking plan there by persons unknown (really?) and I wish I knew the answer to that. Anyway that's my wrap; probably the last. Stay safe everyone. JWT
KKL Price at posting:
1.5¢ Sentiment: None Disclosure: Held
