After I received the letter from Kennewell, I immediately sold...

After I received the letter from Kennewell, I immediately sold all my shares the following day.

Either the Managing Director is right, and the major shareholders are going to wind up the company with a skeleton staff, or he is wrong and business will contnue as usual.

Seeing as "as usual" means nothing happens, and the share price wobbles between 3c and 5c, it looked like a 50-50 chance of my shares becoming worhless in the near future. As they have already lost 75% of value since I stupidly believed there was a mega iron-ore resource in India, I decided to cut my losses, write it down as a Capital Loss, and walk away from this dog.