tolly group mysteriously vanishes, page-4

  1. 4,941 Posts.
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    Let's look at this a bit more logically:
    1)
    Update provided on 3rd September raising doubts over the Adams Platform Technology;
    2)
    MWC unable to sign off on the performance outcomes of the APT (requires further technical assessment) - now this is sometime following handing the Company virtually to the APT backers;
    3)
    Blomfield feels compelled to resign as a Director ("...these concerns regarding the performance capabilities of the APT have led to Jim Blomfield resigning as a director with effect from today...");
    4)
    Blomfield's resignation and final interest notice is issued to the ASX today;
    5)
    concerns raised regarding the status and whereabouts of the Tolly Group (no longer contactable, it would seem, through website /email addresses using either the Tolly or Tollygroup domain names);
    6)
    MWC's re-listing remains in limbo with it now very unlikely to re-list any time soon;
    7)
    the Preliminary Final Report reveals a substantial net asset deficiency (explained away by reference to the difficulties faced in valuing the Convertible Note from an asset management perspective);
    8)
    notwithstanding this, the Company seems to have an apparent need for further working capital which may need to further addresses (ie: based on current sales performance, etc);
    9)
    if there are now doubts concerning the performance capabilities of the APT, then what has happened for the past 12-15 months, and what more recently, has changed?

    In my view, MWC will remain suspended at this time.

    The concerns seem to be mounting, not lessening at this time. Blomfield's resignation would suggest some serious issues continue to bubble in the background. More, therefore, needs to be explained than has been to this juncture.
 
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