I forgot to add: How many retail investors would actually have...

I forgot to add: How many retail investors would actually have bought SKN if they knew who is behind State Securities, it's previous owner, and alleged links?

Would they put their savings at risk or would they think twice?

A public company and its board have a duty to protect the interest their shareholders and that includes doing proper due diligence.

My guess is and this is a guess, that at the very least the underwriting agreement is now dead and that would actually be the best case scenario. The company can no longer claim to have done their due diligence as The Age has now done it for them.