Ann: Revised Investor Presentation, page-11

Without additional capital the company would have been insolvent by the end of January.

Recapitalization of the business only highlights the irrefutable incompetence of the Directors. The asinine behavior of the Directors is not only resulting in the loss of hundreds of jobs within weeks of Christmas but places the burden of paying staff entitlements on all tax payers.

Ovato is a text book case of how to demand a retrospective discount from suppliers, how to dilute unionized staff entitlements, how to shift the burden of staff entitlements to the government, how to shift assets in the process of Phoenixing a company, how to dilute shareholder value and how to destroy any last hope of goodwill.