STOP PRESS, page-4

I agree @GT55, ADG unlikely to be trading insolvent right now, but it's remarkable how quickly the transition can be from 'going concern' to 'insolvency'.

A different company comes to mind (WMC) as an example of a quick transition from entitlement CR to VA...

• 24/05/22 - Non-Renounceable Entitlement Issue Prospectus
• 17/06/22 - Entitlement Issue - Shortfall Notice
• 05/07/22 - Drilling Update
• 06/07/22 - Board and Management Changes & Strategy Update
• 20/07/22 - Trading Halt
• 21/07/22 - Appointment of Voluntary Administrators

For a variety of reasons investors became weary of being repeatedly asked to pump cash into company coffers : long-term SP carnage, volatile Market circumstances & insufficient working capital to bridge a CR shortfall. Similar red flags seem to by flying over ADG unfortunately.