I would be shocked and surprised if the top share holders haven't already been doing some tapping ......but I still believe that the large investors,
particularly Airguide/ML, ($500k each) the others that came to the party a tad later re: 1620, or the large shareholder/s that provided the loan, would have all done due diligence on the 'proposed" project prior to investing.
The project was doable, the clandestine make up of a company registered in the British Virgin Island (unless your google machine has been able to find information on them?) made it untenable, or the rumour mill running rife that the government had the processing facility closed for back taxes, hence the non issue of the Category B licence to operate the facility not being issued.
So after "tapping', what next? Brewer leaves, and replacements ready to take over?
That is contrary to what you have previously posted suggesting that shareholders should call a EGM meeting (not a s249d) and have the board and Brewer explain themselves. Consider also that the company is currently in breech of the Corporations Act for failing to hold an AGM within 5 months of the end of the financial year.
I doesn't matter though, currently WFE are in this position, and
IMO (only)
It is solely to do with
: the company has some major issues with their financials - but these were not an issue in all the previous applications for "In-Principle Advice" and only recently the financials surfaced as being an issue, and the reasoning why they hadn't been released was flummoxing to say the least.
: the company failing to adhere to the guidelines and regulations of the Corporations Act, ASX listing rules and not following their own Corporate Governance
: the ASX raising concerns in regards to the accounts presented from AHIC not being plausible.
Anything to do with #3 share holder and your suspicions?
The other companies you mentioned, all have common large investors - who would have thought .....
cheers
