the trading halt/suspension has been in place for about a fortnight - so there is obviously big trouble about something. the company mentions something about 8 convertible notes (yet 15 convertible note were issued) terrence j, mentions something about the convertible notes and asic.
watso has no idea about the asic matter, but wonders about a watso Post: 7108697, where watso mentioned the following
"for companies, there is a 15% placement rule, where within a 12 month period, a company cannot issue more than 15% of the issued capital. watso is not too certain, how it all operates, but maybe the recent issue of $750,000 worth of convertible notes, is a nice way around the 15% rule"..
boy oh boy - what if the placement is deemed to be invalid - and the company has to refund the monies?????
a previous interim managing director, has now resigned and the vendors are unhappy.
the longer this suspension, the bigger the chance, that it could be "all over red rover".
after allowing for creditors, the company would, most likely, be out of funds.
maybe it is just time to toss in the towel - liquidate the company - and call it a day
EUR Price at posting:
3.3¢ Sentiment: Sell Disclosure: Not Held
