Ann: Redflow enters Voluntary Administration, page-24

There is more to this. In typical Harris fashion, there are things we are not being told.

They are sighting not being able to source funds for the X10 as the reason they had "no option" but to go into administration, even though they have millions in the bank, and (from memory), 12 months' worth of orders for the pod design. They also just got a $6m deposit for one of their projects, and have made no attempt to rain in admin costs.

The protype for the X10 is not due till the end of the FY, so they are years away from having a salable X10 product. Yet this is the reason they have suddenly gone into administration.

I think there are a few truths that may get uncovered. Some idea's -

• They have a massive warranty issue.
• The projects they have signed up to have lost faith.
• The costs of the projects they have signed up to are spiraling.
• Somebody we probably will know wants the whole company, but wants it cheap.

So, regarding the money they have now, $6m will have to go back to the US project, and whatever is left will go to management payouts and administration costs.

What I can be sure of is that there is a lot Tim Harris (the dirty p***k), is not telling us.