The company is very unlikely to be fraudelent. Grant Thornton...

The company is very unlikely to be fraudelent. Grant Thornton are diligent auditors they would not stuff up on around 60million dollars worth of cash and property and a chain of retail stores. The secret is that it looks like a fraud..........this is easily done by limiting the amount of information disclosed and avoiding any online presence. Following that the company can just sit and wait until everyone gives up on it. When the price bottoms and trading stops the money raised from the ASX can be used to buy back the shares via an offer to shareholders. The surplus will be free money for the company. All of the downramping that goes on here and the doubts people have increases the profit to be made so the company doesnt care if people doubt it's legitimacy. The auditors need to approve the price offered as fair and reasonable so it would likely be pointless for the management to wait any longer to do this. They can probably push it as reasonable at around 4c to 6c upwards based on market volume and price. It won't be fair to shareholders but it doesn't need to be both.