Agreed, you don't find "potential investors" after a 4C and...

Agreed, you don't find "potential investors" after a 4C and market response like that in a day.

They have known for a while, and the wheels would have been in motion for almost as long as they have known (meaning they wouldn't have sat on that information and waited).

The thing may be is an "in principle" agreement may have been made, and possibly at the original CR price, or a price based on X days trading before the announcement, but after the SP tanked, I'd imagine any possible investor would be re-assessing the situation.

Why would anyone buy in at 23c when the SP is at 13.5c

If you've done your DD and you think the company has prospects, why wouldn't you go hostile?

Sure, you'd spend more money, but you'd get more control, and you'd more than likely have SH support in removing the root cause of the issues at the company.

Any hostile offer would be seriously looked at IMO.

Not saying a hostile TO is on the cards, but if I was going to invest millions in a company with the issues this company has (in light of the recent announcements), which is as vulnerable as this company, with a current financier having first rights to any business value... You'd be in a much stronger position than management who are pants around their ankles and bent over a barrel.

I also can't believe the ASX or ASIC haven't initiated any enquiries...

Who has contacted either body?