I think a lot of people have forgotten that the next 4(c) isn't...

I think a lot of people have forgotten that the next 4(c) isn't too far away and that could really suck for this company. If the numbers were good the board wouldn't be trying to rush this merger through before the 4(c) release. This german listing also strikes me as a bit of a wildcard - it could be a moderate success and allow them to raise new equity on the german market. But it could also tank spectacularly and simply wind up as increased costs for the company. I suspect whoever is trying to unload has a dim view of both of these.

I'm 90% sure the next 4(c) will be another disaster for this company - like I said, the timing of the merger-but-not-really-a-merger says it all. But it's harder to predict the outcome of the german listing. As I've said previously, this company fleeced Australian investors for a decade. I wouldn't completely write off its ability to do likewise on the continent.