Just got of the phone with Ken Bull (operations manager of Lion) and he tells me that the suspension is due to the $3m loans to unrelated parties. ASIC is investigating the movement of these funds and Gus Mercorella's assets including his LIO shares have been frozen. Ken stated that it is unlikely LIO will ever see the $3m again. Otherwise, everything else is going well, they've negotiated an extra half million for the sale of Bula and Oseil is producing as planned.
The stock should be back on the market by next Friday.
LIO Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
