Ha! I just tagged this as a strong sell and was going to sell...

Ha!

I just tagged this as a strong sell and was going to sell most of my holdings here.
Too late, now they are folding, and I lose everything.
I joined the class action.

Lesson learnt. The case is very similar to Pyrolyx (PLX) - delisted, that had great technology to recycle tyres, and folded due to poor management.

I invested here because I believed in their mission and the environmental benefit they could provide to water quality.

The business model/management and other headwinds like the federal police investigation - didn't sustain operations.
Greed and delusion. Looks like the directors will look after themselves from here on, with no regard to Shareholder losses.

Could haves:
Gone into administration earlier - as the administrator might have been able to manage to turn it around.
Marketed and sold more product.
Stayed small and viable with low overheads. Kept unlisted (outside of ASX) with private investors.
..... (could have)

I hope someone takes on the technology and we get a chance to invest again. They have good IP position and patents.
N/B. This happened with LOM buying the Guttnick MER (Merlin) diamond holdings and infrastructure for a pittance. I lost all my MER investment, but got into LOM cheap.

Who knows. Very disappointing management.

Merc Out