It is worth noting that two bits of advice given to ASX appear now to have been worthless (unless a miracle happens).
On 4th August 2014 GCN advised that:
1. SIS had underwritten a placement of 75 million shares in GCN. This placement would raise $1.5 million.
2. For this $1.5 million placement, $1 million had "been unconditionally committed by a professional investor".
I doubt that ASIC has jurisdiction over a defaulting private investor. That would be a case for GCN to pursue. Why hasn't it?
On the other hand, SIS describes itself as an "Australian government licensed boutique investment banking company licensed under AFSL No. 246936." Surely a breach of an underwriting commitment by this sort of licensed company would be something for ASIC to investigate.
