New Zealand State of the Art Factory up for Sale that Shareholders paid for, page-82

No reason why you should be afraid to say that. look at the company track record , anything is possible. To me it looks like a few rescue packages were paid to other companies. Valuations could have been questionable also. Not just the deals but ongoing operations should be looked at. To me It seems the company is just a vehicle to supply cashflow for expenses. Salaries are a big one, lease costs and suppliers. You would need to check all the supply contracts and expenses.