The reason I didn't buy into the IPO was because I read through the financials and couldn't figure out where the money was going. The cash flow looked leaky to me.
At the time my suspicion was that management were "reimbursing" themselves for the cost and effort of building the business from scratch. I wasn't surprised to see these two marched right after listing.
I doubt we will find out if it was a power grab or a cleaning up of the finances; I wouldn't want my dirty laundry in public either way. IMO just settle out of court and move on with the business.
UWL Price at posting:
85.5¢ Sentiment: None Disclosure: Held
