I don't have time to follow the markets that closely as I can't yet fund an early retirement (I am working on it).
So, limited experience aside, I've never heard of anything like this and am astounded it's legal. These are the sort of shakey deals you get warned about in the Chinese and Indian exchanges, yet happening here in broad daylight on the ASX. I really hope these Directors get what's coming to them. And I don't mean being forced to re-write the term of the deal. I mean being stripped of their ability to be on any board of any listed company. This could actually happen (very unlikely), but they've set up their Aurigin offshoot as a non-listed company so are more or less untouchable. Perhaps being visited by some unsavory fellows in a dimly lit carpark is more befitting.
If you've logged a complaint with ASIC on line I'd strongly suggest following up with a phone call, press the urgency of the matter and how the clock is ticking due to when the AGM is being held and don't take no or 'we'll get back to you' for an answer. ASIC are slow to move from my understanding and no doubt these crims know it and are relying on it.
If you think 1/3 of Aurigin is a crappy deal but still better than nothing, prepare yourself; I'd bet my lefty that Crooked Annie and Shifty Malcolm will dilute the crumbs they assigned to DAU the first chance they get - which will be some time after they've tapped DAU for more interest free loans, charged $70k PA for rent on Annie's apartment as DAU HQ and drawn down their $200k pay checks from DAU whilst setting up Aurigin for themselves. That 1/3 will be about two fifths of F all once Aurigin is up and running.
They should be in jail or worse.
It's been frustrating viewing from the sidelines and I feel for everyone here who invested based upon info in the market - that is, a pivot to a lucrative Aust-China food play - who have now been shafted. Guess at least you know where one of the Director's lives...
DAU Price at posting:
2.8¢ Sentiment: Sell Disclosure: Not Held
