Agreed TradeX8My concern as well. The ASX was already concerned...

Agreed TradeX8

My concern as well. The ASX was already concerned enough to query SKN solvency.

Where there is smoke there is fire! perhaps a big fire!!

The fact that the Chinese deal means basically giving away the company to Mr Li Zeling (Chairman HHHM) @ 1.6c per share, has been missed by retail investors.

@astavrou1 good observation on my previous post.

Yes, if Mr Li Zeling takes up the options then the IPO shareholders move from owning 24% of a $20m market cap company to 2.25% of a $5m company today.

In essence the IPO investors originally put in $3.71m and that investment if the above eventuated would be worth $112,500. Quite pitiful really. Or worse $0

Congratulations IPO Shareholders this team of con artists has buried your investment!

This deal was made on the cusp of insolvency IMO. So Mr Li Zeling has used that leverage to his advantage I'm sure.

The $20m order over 3 years, without clarity on known margins for SKN products, basically means diddly-squat if SKN can't make a profit.

I would expect most of the margin would have been coveted by Mr Li Zeling in the detail of the deal. The Chinese aren't stupid when it comes to negotiating terms with a company on their knees.

It would not surprise me if Malone promised him the share price would keep going up on this deal and that Mr Li Zeling would kill the pig on unsuspecting Australian retail shareholders.

However, Australian retail shareholders are quite aware of how Malone operates and not as stupid as he thinks they are.

Just have to look at previous companies they have run into the ground.

These clowns will take the $2.4m and burn through it and achieve nothing, as they have done to date, all the while seeking to raise even more and diluting further, IMO.

Get out now whilst there are still ill-informed retail investors taking a punt on the buy side.