Reverse takeover by NZ company??

The evidence behind yesterday`s announcement by the incumbent board of PDF of points to a reverse takeover of PDF by a newly incorporated NZ company with a few private investors.

New Zealand Dairy Products was incorporated on 24th November last year by Chris Berryman who currently holds 86% of the shares. A company of exactly the same name was removed from the NZ companies register. That company had Gordon Anthony`s wife (Fiji Logistics) as its director.

New Zealand Dairy Products has made just one application to the NZ patent office No 733515 for `Milk products comprising sheep`s milk and goats milk and process for its production and use`.

Anyone who knows anything about patents knows that they are only provided to new ideas, processes or technologies.
New Zealand has been selling sheep and goat milk mixtures for 100 years so it has to be production unless they have invented a new use to use the product.
Stand on your head while consuming the product maybe?

After 18 months the patent has yet to be given or denied.

Of much greater concern to shareholders of PDF is that New Zealand Dairy Products advises on its website that it is seeking an IPO on the ASX in early 2019 and for investors to contact Bluemount Capital in Perth.
This is exactly the same office that the incumbent board of PDF advise is it advisers and Lead Manager on the transaction it announced via the ASX yesterday.

So how can there not be a conflict of interest unless the PDF board are not going to fight for the value of what is left of the mess they have created. Are they just handing over the company. Not only that they are going to pay cash for the pleasure according to their own announcement.
So where is the value and what financial resources does NZDP have when it is seeking to raise money from the same lead manager!!!

There are strong statements in the PDF announcement which at present appear to be aspirational as opposed to having any solid financial foundation and current net value. The NZ company has just had its one year anniversary. Does NZDP have any sales at all?

Lipstick on a pig comes to my mind regarding the announcement and the last announcement will likely go the same way as all the others. There is a chance given the reality we may even see the chairman forced to retract certain inferences and statements, but make no mistake, the incumbent board has decided to set up the company and its shareholders for a reverse takeover on future hopeful outcomes that may or may not happen.

The most disappointing element of the announcement was that a re-listing timetable was never mentioned and there is now less than 6 months before the company is automatically de listed.

DYOR IMO