Hasty78
Tranche 1 wasn't offered under the prospectus...(but condition precedent was that prospectus was lodged with ASIC) there will be some rather unhappy sophisticated investors given lodgement - and then changes to plan.
I'm not a lawyer but have a quick read of the section of the corporation act they reference in the supplementary prospectus.
While the company is quick to point out the lack of directors(1b) - 1d is just as surely a problem for them.
724(2)
http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s724.html
I think they've been bought unstuck by 1b because without the 2 australian directors they can't quote the shares.
(b) the disclosure document states or implies that the securities are to be quoted on a financial market (whether in Australia or elsewhere) and: (i) an application for the admission to quotation is not made within 7 days after the date of the disclosure document; or (ii) the securities are not admitted to quotation within 3 months after the date of the disclosure document; or
1d applies as well - 715 includes purpose of the funds.
(d) the person becomes aware of a new circumstance that:
(i) has arisen since the disclosure document was lodged; and
(ii) would have been required by section 710, 711, 712, 713, 713C, 713D, 713E, 714 or 715 to be included in the disclosure document if it had arisen before the disclosure document was lodged; and
(iii) is materially adverse from the point of view of an investor;
