I imagine they can do whatever they like with it provided that...

I imagine they can do whatever they like with it provided that shareholders agree.

Even as a public company they have to treat us with a modicum of respect. There still have to be AGMs, Annual Reports, auditors etc. It's not a private company.

To change the nature or ownership of the business would require at least an EGM.

The prize here isn't tax losses as such, it's franking credits to offset tax on a profitable company


With a tax loss, the ATO will not accept the rolling over to a backdoor listing if the company business changes substantially eg you can't roll a Telco tax loos to a Biotech. Not sure about Franking credits but I assume it's the same.

I really didn't expect this to take so long but Garbriel has a purpose for this shell. He bought as the ship went down, so I assume he has a plan, maybe not an urgent one, but he has a plot. This wouldn't be a whim.

You can see him talk about Activist Investing on YouTube. He's a pretty impressive guy and Sandon are a pretty astute investor. All we need to do is sit and wait until he tells us what our opinion is.