"Please note that ASIC's consideration of this matter does not prevent you from pursuing any civil remedies otherwise available or resolving other aspects of your matter."
The way I read this Phillip is that shareholders shouldn't hold out on the prospect that any actions of ASIC will redeem their losses.
ASIC won't award shareholders 'damages'. They will need to pursue that independently, however a damning finding might provide the incentive a law firm needs for a class action. The challenge will then be ‘who’ it is you can actually sue? The Sham is an empty shell and I’m certain the Directors will have ring-fenced their assets. It could all be futile, even if ASIC make some findings.
I don’t think it matters too much whether you accept after the 90% threshold or hold out to have a case … they have clearly sent shareholders enough threatening letters to justify either action.
BRM Price at posting:
$2.31 Sentiment: None Disclosure: Held
