My guess - this was a back door deal between mates at shareholder expenses.
8th June 2017, we bought it for $2.5m in cash and 14m shares to payout the current owners. Cook said at the time:
"
The agreement is subject to Westgold completing a due diligence investigation into ACM
"
$51m last financial year to recapitalise and now another $26m in working capital for the company, most likely due to the loss of contract at Northern Star. If ACM was not trading as a "going concern" and it was destined for bankruptcy, general the going price should be $1 and Westgold then spends the rest to payout and recapitalise the business. But handing over $25+m to ACM shareholders can only mean that Cook has no respect for Westgold shareholders.
(20min delay)