Ann: Responses to ASX Queries, page-22

The only satisfactory outcome will be to have the loan secured against AXIS assets (doubt they have $14mill of assets) and/or repayment of the loan (doubt they have access to this much cash).

All the responses to ASX questioning has resulted in the Directors being 100% liable for this dodgy scheme of giving away SHAREHOLDER money to a related party with no due diligence or security.  To me this has to be against the law in some form.  Whether it can be classified as Illegal phoenix activity or company losses caused by a breach of directors’ duties, I don't know as I am no law expert.

Consequences of failing to perform your duties as a director
If you fail to perform your duties as a director, you may:

• be guilty of a criminal offence with a penalty of up to a maximum of $200,000, or imprisonment for up to five years, or both
• have contravened a civil penalty provision (and the court may order you to pay to the Commonwealth up to $200,000)
• be personally liable to compensate the company or others for any loss or damage they suffer
• be prohibited from managing a company.

Either way shareholders up until this point have been treated with extreme contempt.  No responses to emails, no clear communication and this publicly traded company being used as a private funnel siphoning large amounts of money through the back door to related parties.  Maybe jail time might finally teach them a lesson...? hope they have very good director indemnity insurance too.