The bigger issue is why Genorah could not raise the funds...

The bigger issue is why Genorah could not raise the funds elsewhere? The answer has to be that they are not sufficiently close to a resolution on the ownership,let alone the jv.

The other issue is what,if anything, the Asx will do.The MD has a fiduciary duty to his shareholders and he was aware (I assume as Director) of the Genorah selling.The lack of independence between the two is fundamental to a lot of the problems.Remember it took the Asx to ask what was going on and yet NKP stated that they were in compliance.

The other interesting issue is who will buy the stock.It may actually provide some confidence into the register...but only if they can sell it.