Latest info from KPMG, page-23

@essentialscutty I agree, but what is considered a long time to act by investors like us is not what ASIC would consider a long time. From the receipt of reports & recommendations from special administrators to the conduct of an investigation to the laying of charges is usually a multi-year activity for them, so I’m not sure we can be certain they are not looking closely at this. Hopefully shareholders are continuing to prod them and prompt them. Likewise, with SO4 still in ASX suspension and the likelihood of ASIC’s inquiries taking precedence, I don’t know that silence from the bourse since the release of that rather damning ASX query letter can be a strong indicator of their next steps or intentions either.

Regardless, there appears to be grounds for shareholders to question all of this in detail and potentially launch proceedings based on DM’s report alone. This includes from retail investors who took the May 2021 equity raise as a sign of institutional confidence (from completed due diligence) that influenced them to maintain or even increase their holdings here. If the data and presentations upon which that raise was based were deceptive or misleading, and the board was negligent in inquiring into solvency matters as early as March 2021 as DM alleges, then it’s not just the likes of Ellerston with a cause of action available against the officers & directors.