Snagger, Agree 100%, if im not mistaken the previous directors...

Snagger,

Agree 100%, if im not mistaken the previous directors signed off on the May prospectus and as such have 'responsibilities' as directors of a publicly listed company. Whether anyone else apart from the super CFO knew of the hole in the accounts is irrelevant, they were directing the ship and ultimately responsible.

I have no idea if there's enough there for any legal challenge (i know many legal firms baulked at taking up a shareholder challenge to PDY's false announcement of securing "$6.5billion in finance" when it was actually false)

It would be unimaginable putting any more $$$ in when the previous guys put us here and the company has no credibility whatsoever (although the 'new' guys is a positive) it looks like the big end of town and Paterson's are getting a big chunk for peanuts.

On the dilution, there's no way they will get a 9:1 anywhere near fully subscribed, so if they get the minimum amount raised ($16.5m) then the chairman has 3 months from the closing date to shop the remainder to any 'non-holders' interested @1c.

After that i'd say a 1:10 consolidation will be announced.

Anyway i've essentially written it off and IF a successful raise occurs anything i can get out of it in 3-4 years time i will treat as a bonus.