Anybody out there still following this one?Basically a cashbox, having sold the mobile technology business last year. Then having no prior experience or expertise with mining, went and advanced loans to various parties in exchange for tenement rights for some Queensland coal prospects. Now pursuring repayment of these loans when it all proved to be a sham(surprise to surprise)
Meanwhile the directors are busy paying themselves salaries for doing nothing, apart from destroying value through stupidity.
They should have, and still should return all cash to shareholders; especially in this climate.
Does anybody know how you can force a company to be wound up. Guess would need a majority of shareholders to agree at an EGM and the directors have majority. Presume ASIC could do something?
WAL Price at posting:
3.0¢ Sentiment: None Disclosure: Held
