The destruction of shareholder wealth of Oliver's is immensely sad.
The blame game is in full swing with the person/s at the top, seemingly not accepting any responsibility.
There has been a lot of warning signs, the most recent and significant being when E.G. backed out of the takeover offer @ 10 cents.
Indian business gentlemen are very smart and astute and their wisdom is worth following.
Shareholders may be able have some reprieve by getting "one" of the many litigators involved who specialize into looking into companies to see if there has been any breach of directors duties. Directors may have taken out "Directors liability Insurance", and the sums insured are usually quite significant. These litigators then take a percentage of the sum they may retrieve if any breaches are found and proved so there is no cost to shareholders.
I stress, this is of course all subject to see if any breaches may have occurred (if any and proved) and would/could be upheld by the Australian legal system. Usually they are settled quickly and efficiently by the Litigators who specialize in this area.
Directors may also be sued individually as well by the same Litigators if any breaches may have occurred. As you know directors must follow strict ASX protocols and Securities commission rules and be compliant in all aspects of the law. This extends and applies to Directors not recommending "BUYING" shares for example, particularly if they have hidden behind any pseudonym with this advice. Directors as you know have intimate knowledge of the financial position of the company.
I must stress I am not suggesting there has been any breach of ASX rules or duties by the Directors of Oliver's.
Of course shareholders would also have to wait until they see what rolls out in the coming days/weeks and see if Oliver's is relisted or not.
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