One thing which emerged from the appeal to the Takeovers Panel...

One thing which emerged from the appeal to the Takeovers Panel was that Applabs at no stage undertook any due diligence of the assets held by SOC ... it was this fact which appears to have been the determining factor in the Panel finding that Applabs was acting in association with the directors of SOC. The directors of the now defunct Applabs also happen to be the current directors of SOC .....  Their initial purpose for getting involved with SOC, as determined by the Takeovers Panel in its examination of Applabs entry into the company, was they saw SOC as a potential shell company.... not the sort of enthusiasm coming from the board of directors which inspires investor confidence.

The current management went to Canada and blundered away some cash, they are hoping to offload the Nevada prospect in an IPO [worthless  anyway ..imo], there was some burbling mention of cobolt (sic) in the latest announcement. The Halls Peak and Mt Adrah assets seem to be also-rans in their strategic thinking for the company.

The previous management were abysmal ... SOC's assets remained largely unexplored for 3 years while that management team extracted corporate services fees of $800k per year. It was that draining of cash which ultimately made SOC vulnerable. It is actually a reasonable error to assume that the assets held by the company must be noncommercial and so completely discount them .... but to do so is to assume the previous management were doing their best for the company and its shareholders.