not over just yet, page-35

The IP was used as security for the secured convertible loan notes issued back in May 2013. Alasdair Locke participated in the issue taking 4.7% of the notes issued. Arden Partners PLC, of which Alasdair Locke is a shareholder, also participated. The entire issued raised AUS$6.5 million.

How will this play out? Who knows, I find it utterly repugnant that there has been no ASX release by management outlining our dire predicament except for the appointment of administrators.

When one asset is used as security for multiple note holders how is that ever going to work? Perhaps a well connected, affluent individual purchases the debt from the other note holders thus becoming a single note holder?

By the way, the only reference to IP being used as security can only be found in the ASX release dated 30/4/13. Subsequent releases pertaining to this matter, including the so-called 'explanatory notes' for the EGM, simply refer to 'assets' being used as security.