Stabilo: Yes, the Business Spectator assurances by Rowe are...

Stabilo: Yes, the Business Spectator assurances by Rowe are pretty damning, & one can also sense the scepticism of the interviewer. Today's announcement of the effective cancellation of the distribution gives no adequate explanation of why the cash is no longer available despite shareholders (other than those in the know) having been repeatedly assured that all funds had been raised and the distributions underwritten. The disruption in the credit markets (already well known at the time of the float and this most recent interview) is simply not an excuse unless such assurances were "misspoken". It seems that the Company's obligations under the prospectus have been discarded before the project has even been started. Yet on the other side of the equation, although the payback on which their now evaporated investment was based has been removed, the shareholders are expected to produce another two slugs of cash under threat of legal action and without any credibility in a return of either income or capital to replace the fictitious prospectus. The waffle about protecting small shareholders and speculators from themselves is pathetic - this could have been covered by delaying the 6c distribution until after instalment 2 and indeed duly increasing it slightly to allow for interest on the cash during the delay. Again, the potential dilution caused by the dubious scheme to automatically pay distributions in shares unless shareholders refused (rather than the usual "opt-in" DRP) was of the promoters' own making and again could have been easily resolved by just cancelling the DRP.
Is it possible that between this crew and their mates & promoters, a deal has been reached to provide an effective dustbin at the miserable 0.001 figure until the smell has cleared? Otherwise they must shudder at the thought of having to justify to a court the futher suffering and forcible removal of funds from their penniless clientele who had the misfortune to believe in a prospectus from the millionaire's factory.
Throughout this crisis, we have seen countless examples of ripping off the many to enrich the few, while the government and its regulators do bugger all.