Of course, management knew prior to the quarterly. The cashflow...

Of course, management knew prior to the quarterly. The cashflow shortage would have been obvious at end May management accounts. Cannot but assume there was a clear breach of continuous disclosure obligations. Any board concerned about its shareholders would propose an underwritten (full or partial) rights issue. There was ample time to implement one. For those who support WP remaining as MD on the basis his removal would cause more pain, remember the bone orchard is full of indispensable businessmen.

I would speculate AHZ is in breach of its loan covenants as it's highly unlikely a minimum weighted average share price was not one of the covenants as is conventional for loans to unprofitable micro-caps. My guess that is the reason the residual $5 million drawdown remains unused.

Given the situation, no ASX release from the Chairman speaks volumes about the lack of candour and courage owed to shareholders by the board. Unfortunately, there is not a ginger group or shareholder having more than 5% to call an EGM to hold them accountable. Don't hold your breath for the regulators to act on the conduct of this truly penny dreadful.