Ann: Appointment of Receivers and Managers, page-9

Well things haven't been looking good ever since the suspension but this is still an out of left field outcome.

Clearly they couldn't re-negotiate the debt or find an alternative lender so presumably what prospective lenders saw on the books wasn't good. What I find surprising is why let it go this far and not do a CR instead - there's far worse listed stocks out there raising $M's on next to nothing but a few glossy announcements.

The other aspect this does raise is how can a company go from projecting $5M EBITDA / $2M NPAT for FY18 only 2 months ago to now being in receivership - it would seem the real picture has been significantly mis-represented so I wonder if there's grounds there for a class action against the directors and the auditors.

Sharks