The plaintiff here is Bergen, which is quite strange.
Since PRW receive monies from them for shares through the share subscription facility. I am guessing that the poor liquidity of PRW resulted in PRW breaching one of the condition precedent in the facility. While PRW has been trading ok before this facility, the sheer volume killed the liquidity and the share price collapsed to $0.001. There is not even room for discount on VWAP.
So this breach could be the cause for the monies "advanced" to PRW becoming a loan and now Bergen wants their monies back.
PRW Price at posting:
0.1¢ Sentiment: None Disclosure: Held
