Giddy,Interesting semantic play there, yes I did say that they...

Giddy,

Interesting semantic play there, yes I did say that they had the option of taking it without the listed entity. Given that this was such an important point for you, I indicated that they had an option of allowing it to slip into receivership or liquidation. Given that the administrator advertised the business for sale and at the close of the period of expressions of interest had received only one genuine offer, i.e paid the required deposit, of $100,000 for the "sharks fin", as you put it. I suggest that ASOF did not have much to worry about them being the highest bidder, if they did bid under that scenario. Also if they did go this route they did not have to pick up the listed entity's baggage nor make the payments to the creditors, and satisfy ASX listing rules for cash held etc. Of course they could have simply not made re-listing a condition precedent to the deed.

However, my mistake of raising what is actually an irrelevancy, for as you may have also noted that I pointed out the reality of the situation is that is that they did not go that route. A quick look at the balance sheet shows that there are no hidden jewels here, there are no large fixed assets undervalued that can be sold off for huge profits. The only assets that it has are the IP, some contracts and probably the value of the listed shell. Someone had suggested that there are tax losses as well however, as you well know these carry little or no value in assessing the value of a company as they carry on-going business tests and of course rely on the Company to make profits. The administrator has indicated is almost impossible to value the IP, after discussions with experts, and public offers are the only fair gauge. Given that this has only been $100,000, does not reflect well on the millions spent to date, nor give much value to the Company. Perhaps that offer reflects, what the market knows and that is the fact that the Company has not been able to generate worthwhile and profitable sales, nor commercialise the product, during it's lifetime. The other asset is a clean listed shell which we know does also have a value, and this may well be the part of the whole that is sold, by ASOF.

The questions, the theories and the motives as to why they picked the listed route has been the subject of the all the discussions to date. I am sure that they will continue to be until the actual position is disclosed and whether it is good or not for the shareholders will be made clear to all of us then and there is little or nothing we can do about it. At this time we can do what we have been doing to date just speculate. For the time being I am adopting the attitude that if the Company does re-list we have some chance of something positive coming out of it. Where we end up during the roller coaster is yet to be seen. Who knows, we may end up shareholders in a different company with a business that is actually making money, or another start up with sexy technology we can all fall in love with. I for one intend to stick around for the adventure!