they were required to keep application funds in a separate trust...

they were required to keep application funds in a separate trust account until they became listed. provided they complied, then your application funds will be returned. if not, then those directors are in all sorts of bother.

re failed IPO: I agree with the comment above that it looks to be a major F-up by Bakers as legal adviser to not point out the basic prohibition on paying cash for a classified asset... what a disaster.