Jaded, I was not referring to you, but a few others.
Everyone should understand that Directors do NOT take this action (VA) likely. They would have explored all options on the table - CR, loans and other funding.
The Trading Halt on 29 Feb 2016, was an attempt to raise money - as per above press release.......I raised this as a possibility last week.......http://hotcopper.com.au/posts/17192706/single
As well, I pointed out that $4M CR raised WAS NOT enough, as per TON declaration in their prospectus.....I raised this point here..............http://hotcopper.com.au/posts/17196814/single
Yes, they warned shareholders with this possibility:
Insolvency risk (page 30 from Prospectus)
The Company relies on cash inflows to meet its working capital requirements. If the Company is unable to raise sufficient funds (at least to the extent of the Underwritten Amount) or access available funding alternatives to meet its future working capital requirements, there is a real risk that it may be considered to have a liquidity problem in which case the Company could face insolvency issues.
There may be some other left field events as well that added to the existing problems (we will find out soon).
But this is the Primary Reason for the Appointment of the Administrators - lack of CASH to pay commitments (whatever they may be)!!!
As I said earlier, if you guys (shareholders) want it back from the Administrators, Dig Deep for Cash (Do a Clive Palmer) or find a generous investor/s who would put up the Cash and Not want to dilute significantly, your holdings!!!
That's the bottom line.
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