my interpretation was a major disagreement between the management and their main financier. No agreement means no more money, means company can’t meet obligations and down they go. “Maybe” their tech can be sold off - without knowing what the disagreement was hard to say what, if any, value there is.
Maybe just a personality clash, but you would have thought if the IP was that great alternate VC would have been found.
Ann: Impairment to the carrying value of unlisted investments, page-37
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