Newing has a substantial amount of cash invested in PET shares,...

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23/01/24

17:36

Post #: 72027460
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Originally posted by Shortblack ↑

If AKP succeeds, and the odds aren't good, Bart will make enormous profit from that company. If PET becomes a stakeholder, whatever his share might be would be insignificant in comparison.

If AKP goes under, creditors and shareholders get nothing. There are no secured creditors. It has no real assets apart from an office which is probably in Israel; in fact it's June accounts show a negative net asset amount of ($2.3mil) which is pretty much the value of the Goodwill and Intagible assets that they wrote off.

They are desperate for cash to survive.

I can't help thinking this is a last ditch effort to secure working capital to keep AKP going for another 2 years.

Bart is the original owner and biggest investor, basically runs the show. Newing is an investor and spruiker. Van Boheemen is the CFO & company secretary. Freedman is a major shareholder.

Rebuilding PET is not their motive, they couldn't give a rats.

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Newing has a substantial amount of cash invested in PET shares, he was happy with the reported figures before it was known that the figures were falsified. He even suggested that his followers buy pet shares which many of us did. His motivation to make PET a success is clear to those of us who followed him 2 or 3 years ago. Lets wait and see what the new board can do before deriding them.

PET Price at posting: 2.5¢ Sentiment: Hold Disclosure: Held
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