Shareholder Action, page-122

I just phoned ASIC to complain about ASIC ......stated it was urgent and gave a summary....PLEASE anyone who has sent in a complaint to ASIC Now complain about ASIC's inaction which is going to lead to the company being taken over by the note holders which may have been their plan from the beginning. The Gandel loan of $2.1m is due this month

PHONE   1300 740 895....... Say it is urgent and they have to get back to you in 24 hours. 

Summary only 2 directors both not independent for 8 months ( one is CEO and other looks after major shareholder, Gandel)

                        Suspension for 8 months

                        Ignored warnings of auditor and potentially mislead the ASX and did not put money aside to pay a $2.5m note

                        reckless spending resulting in company writing SECURED notes to employees and major SH at nearly ONE THIRD of share price,

                        No AGM despite extension and no notification as to why...their own constitution calls for....." if only 2 directors one must retire at AGM".......possible reason and another would be unable to get independent expert report...

                       One of the secured loans is due this month and looking at the cash flow the company will not be able to pay and the major shareholder can take over the assets. The loan is $2.1m

                      We never get any updates and we don't even know who are the holders of these new loans or the terms and they could be senior management however we have been told that they are SECURED......Their constitution..." If the number of Directors is below the minimum fixed by the constitution, the Directors must not act except in emergencies"....however they will call these new debts that they are accumulating emergencies.

If you have a personal opinion about what is happening naturally you are free to speak your mind