IMO, if the Board wanted to pick up the company for a song, it would have put the company into administration early Nov ( rather than appoint a new Co Sec) and let the administrator firesale the assets for a song and pay Atlas a few cents in the dollar. The BOD could then pick up the pieces for a mil or so and plant say 50 acres of CBD trimmed flower hemp in Aus in 2020 which would have the potential to double its money come next Sept.
IMO, the BOD wants to keep CLI alive albeit majority owned by Atlas; hence the Atlas bailout deal.
No doubt the Board will have contingency plans irrespective of what the ASX inquiry ourcome may be.
Again IMO, CLI will have had Atlas over a barrell with the threat of bankrupcy and that is why Atlas came to the party. If CLI's current assets were $5.5 mil or more, then Atlas would have wound up the company in a heartbeat.
All IMO only.
CLI Price at posting:
3.1¢ Sentiment: None Disclosure: Held
