Ann: Dividend/Distribution - REF, page-73

ASX changes to activities

Any entity looking to backdoor this would be required to meet the chapter 1 and 2 ASX requirements IMO (see attached)
particularly 3.2 1,2,3 and 4

The problem is no matter what you backdoor into here, as there is no business currently operating, you are changing the activities the second you try to raise capital as it will be for a purpose other than, well nothing at present, but for reason other than that that is the current prospectus, and requires shareholder approval, and in turn new prospectus, yadda yadda

Unless ASX could provide a waiver, but not likely.

This leads me to believe the shell as it sits has little to no value, in fact it can be more costly to change activities than an IPO, I guess one could offer a sum to current holders to sell out and a new board could come in and just sit quietly until such time as they are ready to go through the inevitable sh**fight of meeting chapters 1 and 2.

you'd actually prefer to keep the smaller holders on probably as that would help with the min holder spread rules for relisting.

I guess there would be ongoing admin costs to absorb while sitting there doing not much, that would need to be considered.

Anyway, just my thoughts after doing more research on the matter.