Ann: Half Yearly Report and Accounts, page-29

Can we safely take from the reinstatement of the 30th of June books that the new auditors agreed with the last auditors (who appeared to have resigned over the issue) and have now forced BRL to account for the convertible notes properly......it certainly appears so.
Not a very ethical look for management if this is the case as they went to length to disagree with the last auditors over the same issue.
Lets hope they have a more ethical approach over the lawsuit.
Speaking of ethics or more to the point lack of what we do know is the books show that the company was in a position to redeem the RCPS rather than convert well with in the allowable time.
If the company had redeemed the RCPS the equivalent non dilution would mean the SP would be currently about 27 cps and the wealth spread much more even.
However greed and a self serving board has skewed much of the wealth benefits towards a few including themselves.
Whilst a very contentious issue surely retail investors have every right to feel aggrieved after seeing the numbers confirm the RCPS could have easily be redeemed with cash on hand.
I think the SP would be even higher than 27 cps as I believe the market is still discounting the shares due to the board being noted as self serving and a tad unethical.
On another note when one is trading a stock and given the SP actually went down on what appears to be a fantastic EBIDTA and there is a material negative decision waiting in the wings one needs to get out of such a position as soon as possible......it's all about risk versus reward.