What is Directors Liability here?
A$67m cash at end of September and monthly spending on rise maybe now A$20m or A$25m or more. Plus Directors must be committing to future liabilities to pay for services and Plant&Equip when it arrives otherwise supplier would not build or deliver. This could add up to A$100m over next 4 / 5 / 6 months. But no finance available until all conditions met.
When do Directors become liable for committing to liabilities that they cannot meet as they fall due? We know finance is uncertain as they promised 15 October conditions met. But now end of November?
Plus I have just written to ASX because Quarterly Cashflow wrong. At 1.2 (b) they say development cost is A$0 (zero) where every other company show this cost. They hide development at 2 (f). This makes the total at 8.3 wrong and calculation at 8.7 also very wrong. Very misleading.
Am I wrong to be concerned? Investors should have rights if Directors take company into danger without funding correct?
Director Liability
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