Ann: Trial hemp farm results & 20M facility secured, page-391

It generally costs $20k - $30k for the initial discovery phase where the lawyers request certain documents to determine whether there is a case to proceed. It is difficult to secure a no win, no fee lawyer due to limited funds in the bank. Remember the company will be using that money (which is also your money) to defend themselves.

I was a shareholder in LWP Technologies which was also another in a long list of ASX scams. They claimed to have a graphene battery lab which turned out to be fake and full of old ice cream machines. Some of those involved have been charged by the Qld Police Fraud Squad - not the directors unfortunately.

ASIC are a waste of time and will more than likely just ignore any complaints. It is worth submitting them in the off chance they take notice. In LWP’s case, the company admitted via ASX announcement to making misleading statements however ASIC cited insufficient evidence of misleading statements (despite the company admitting to it ).

The only way to get ASIC to notice is to get a journalist like Jonathan Shapiro from the AFR to write about it. There are so many ASX scams about that unless your particular scam is unique in some way, then he can’t write about it. Someone needs to be able to sell the story to him.

If you can get enough shareholders, look into lodging a S249d and replacing the board. Then the new board can investigate previous dealings. See BHD for a recent example of this or CDB for an older one.

Worth touching base with the BHD/HML shareholders group about how to properly set up a shareholders group to move forward and take discussion off HotCopper.