It seems the primary catalyst that caused The Company to be placed into administration was the failed transaction with Glacier International . In turn ASIC will have to make a determination whether any breaches or financial misconduct occurred and to what extent and who bears responsibility. Why did The Board make the decision to place The Company into administration if there was a reasonable prospect of securing an investor and at that point how advanced were the discussions with any prospective investor or were Shareholders mislead when The Company announced almost a year ago that they were receiving significant inbound interest and they were struggling with all the additional calls . Was the the decision made by The Board to place the Company into administration because they did not have sufficient funding to pay an ASX fee or a particular fee to remain listed or was the decision made because they were having trouble securing an investor to come on board and fund the project ? Was The Company unable to pay the appropriate fees to The ASX as a result of the failed deal between itself and Glacier which allegedly resulted in Gulf loosing or having to fork out almost 500K in fees paid to Glacier with no tangible result ?
GMC Price at posting:
0.6¢ Sentiment: None Disclosure: Not Held
