Court report.The case was about protecting shareholders who...

Court report.
The case was about protecting shareholders who received the improperly issued shares when they on sold them. Apart from Notsag another three parties got the shares, an institution, and it appears, two ordinary shareholders. If those shareholders on sold the shares they could be liable for civil liability for selling shares that were not properly issued in the first place.

ASIC and ASX both advised the Court that they were not interested in being involved in the case, so much for the regulators!

As the APG announcement said, His Honour reserved his judgement. One interesting bit came out though, the barrister for APG told the court that if the judge grants the relief sought, then the company will end the suspension and re-list. Don't know what the plans are if the judge doesn't grant the relief and there would still be the queries that ASX raised to be answered. The barrister said that on re-listing the company will conduct a capital raising, I guess the Chairman is hoping it will be successful so he gets his $500,000 back.

Given the share price before suspension couldn't go any lower one wonders what price they would put on a rights issue, maybe they will try a huge share consolidation in an attempt to get the share price above 1 cent then try a rights issue, who knows. As I said in another post, I hope all those who pushed for support of the board at the last AGM will be prepared to hand over their money when the capital raising is announced, I know I won't be.