not over till its over, page-10

They can't sell off the coy without SH approval (although management could call in administrators if they believe VCR is insolvent - but that is not the case just yet, as VCR should have around A$8m in the bank still and many assets that could be sold still).

There is also a 15% limit on any new shares they offer and, I believe, on what they can sell, without SH approval.

The statement that management is looking for a buyer is just one option (and it would be subject to SH approval), however a cash injection could be negotiated from a venture fund for some % of the coy. In any case SH approval would probably be required for any "bailout" option they come up with.