Interesting take. It appears that they were setting the scene for this eventual outcome. Perhaps what they were not counting on was the stock to be suspended and for State Securities to dump their shares without having actually paid for them all.
I still can't understand how such a material underwriting agreement was signed without any evidence from
the underwriter that it had the means to come up with the cash if required.
ASX should keep the stock suspended or place the underwriter's shares in escrow until they have paid for them all.
Ann: Voluntary Suspension Extension, page-12
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