It all makes perfect sense though.PET offered the Chinese...

It all makes perfect sense though.

PET offered the Chinese performance shares for selling X amount of product...The Chinese directors seeming lapped this up as some type of easy pay day; sell some product from what I understand to be through their inside networks, recieve bulk performance shares, cash out a large dollar value and then leave the business in turmoil while walking off into the sunset with a big fat wallet.

Freedman and Schuitema have seemingly offered bulk performance shares to these Chinese to sell some product to jack the SP, sell off a heap of their stock at the higher prices to realise some serious wealth, while also walking off into the sunset.

The smaller investors just sat back and bought into the pipeline and promise of big jobs, we had no idea that books were being cooked. We had no idea or reason to believe that the Chinese business was in disarray. As early as the last AGM we were advised that payments were fine and the Cap Raise seemed to give some assurance that some big cash flow was imminent.

Now... all we have in the Cap Raise funds! All the apparent work that has been completed is zip?!

Prior to moving on into China the SP if I remember correctly was around 7c-10c. If China is a sham I guess this is where things will be headed? The only positive is a new, cheap labour factory (if it stays) and some new certification. What we need to do is lower margins and just get the product into water bodies. Get lots of work, keep cash ticking and develop and upsell with our engineering.

It is all just so disappointing.