The prior BLA Board and Management Team completely hoodwinked investors. ASIC did nothing (as usual).
BLA's financial advisers at Greenhill should be questioned for such poor judgement.
As i observed many months ago, after misleading investors numerous times these jokers then signed the company up to a loose-loose deal with Oaktree and failed to put the transaction to shareholders for a vote - shareholders only voted on the conversion right within the deal, not the actual loan arrangements that completely stitched up the company.
The Oaktree nominee director has clearly stepped off the Board so as Lender, Oaktree can now enforce its legal rights to implement a Loan to Own play!
The prior BLA Board and Management Team completely hoodwinked...
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