Ann: Purchase and Sale Agreement Update, page-69

HEYSO,

An executed purchase and sale agreement is a legally binding contract which should only not complete if conditions precedent are not satisfied.
But yes, it seems as though we have gone from having an executed purchase and sale agreement to no agreement (or some form of non-binding agreement) without any explanation as to how this happened.

Agree that if this deal falls over there will be some serious questions that ASIC will need to put to the Directors. I do however, believe that the Directors are fully aware of this scenario given that they are already exposed to fines for not meeting their continuous disclosure obligations (regardless of what happens with the deal). I think it would be very naive for anyone of us to assume that ASIC would not fully investigate every intimate detail of:
1. The Purchase and Sale agreement
2. The subsequent announcements and implications to share price
3. The expiry of the convertible notes
4. The extension to the reset date of the convertible notes

As I have previously stated, I for one will be following up ASIC.

As a shareholder (and given the implied risk that a reasonable person would attribute to this transaction based on the information released at the time) will find it very hard to come to terms with the non-completion of both of these transactions in the absence of some very good and legally valid reasons from the Directors.