Key SH rep appointed to the board. Steps taken to square up legal matters, and liquidate assets - probably with an expectation the ATO will not let them off R&D inconsistencies and monies/fines will be paid. If there is no IP (battery, propants) then... nothing else to sell, so possibly either settling with the ATO within current cash capabilities or some ongoing payment plan in return for ATO not pushing insolvency.
The two sensible options are either the company is wound up (too much effort seems to have gone into this on Lansteads part for that path) or after clean up the board basically shops it as a shell/backdoor ASX entry for... whatever play they can find. I suspect Lansteads may back any short term funding needed (possibly in exchange for shares or via a loan agreement) and as the biggest shareholder would be keen to try and get some return.
If an appropriate play can be found, I'd anticipate its announced to market/shareholders and then followed closely by a CR. Probably some sort of share consolidation beforehand as well. Eventually offering existing SH a glimmer of hope, a reason to hang on and... ultimately the conundrum of whether to throw more money at LWP, albeit the name will likely be changed (and interests) and to all intensive purposes its... not really LWP anymore.
Less likely option would be to CR as is and then search for a venture/acquisition/project. Too much negativity, probably poor support and... problems.
IMHO, DYOR.
LWP Price at posting:
0.1¢ Sentiment: None Disclosure: Held
