Ignoring the auditor's warning about repaying the note and misleading shareholders into believing that it was covered.........directors are bound by law to take heed of any such warnings and so excessive spending in this situation is reckless.
We are now indebted to UNNAMED individuals and suppliers who may take advantage of the precarious position the company is now in.
Also why such a low price.... .44 cents. Is this the best they could do or are they happy that it is so low as it suits their purposes....at the end of the day if the company is successful these unnamed individuals will be very wealthy and the smaller shareholders wiped out....is this acting in the best interests of shareholders...hardly. Directors are bound by law to act in the best interests of shareholders not self interest.....However the Corporations Law and the Regulator seem to be useless when it comes to corporate Greed and Dishonesty
Ignoring the auditor's warning about repaying the note and...
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