There are some very smart business people in Hong Kong. If this...

There are some very smart business people in Hong Kong.

If this company had anything resembling a normal share registry and debt structure it would be trading at many multiples of the current sp. Even without the prospect of shale. Unfortunately it has been infected by a parasitic entity that controls the register, so nobody else can take it over. And, their choice of debt provider is also restricted to the parasite. In this way they get almost 100% of the profit without having to buy the whole company. As I say...Smart. Probably illegal if it was ever tested, but smart.

It is my guess that this is why the CEO has left. There was probably a bunfight over the debt refinancing, which he lost. The wording of the announcement was very specific. It mentioned "The most appropriate" package. Not "The cheapest" or "Best". I am not sure what their options were, but given the eye watering rate the major shareholder is sucking out of this teat, I would wager there was pressure brought to bear to stay with the old arrangement.

Fair play to MR Treddinick for walking away from an arrangement that toxic

I wonder if he could be relied upon to explain the inner workings to the squeaky wheels of ASIC?