OK, thanks for that. I can't see how GCN is not in breach of its continuous disclosure obligations. A company may decide that a case for its winding up is trivial, but clearly the company has an obligation nevertheless to inform ASX of the fact that a case is pending.
The attempt to wind up SIS sticks out like sore thumb. If the court were to declare, when the case resumes on 22nd August, that SIS was to be wound up then GCN would no longer, I presume, have a line of credit from SIS. It is this line of credit that has allowed GCN to claim that it is solvent (see quarterlies over the last two years).
GCN Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held
