I think you will find that the deals were all on the iffy side....

I think you will find that the deals were all on the iffy side. Especially with the amount that Phua got from the settlement. That's probably why.
IMO, I reckon the directors breached their fiduciary responsibilities with the change to Noetic. They certainly didn't advise the shareholders until way after they had discussions with them. The initial deal with Soar labs was a material contract for Bpg and its value at the time. I'd say ASIC will be trying to find out how long they have been talking to Noetic. Wouldn't surprise me if there are some kickbacks flying around either but that's pure spec. The exorbitant amount of moneys given to Phua at settlement will be a major issue. Shareholders were dudded.