Sagasco's acquisition of RL dilutes BPH's net interest in PEP 11, page-7

The thing that shareholders considering whether to invest further is an understanding of just how much money has been raised on the promises of investing into particular companies (previously Cortical, Oil & Gas, HLS5/MDS) and how much of the raised funds has actually been invested as promised.

Prior to the recent issues (Hongmen + Protax), since June 2016 there had been just under $2M raised and a sum total of $100k invested (into Cortical). I previously highlighted this issue in https://hotcopper.com.au/threads/bph-capital-raising-queries.3959285/?post_id=30259571 , and this has now been updated to include the funds raised in the rights issue that closed in January 2018.  

When queried by the ASX on the use of funds (https://www.asx.com.au/asxpdf/20180215/pdf/43rlglzjg3x8ft.pdf), the BPH directors even defended their lack of investment into the nominated companies saying that each of the raising documents (including the current one- Section 6.1) contained a statement "The Board reserves the right to alter the way the funds are applied".

I for one wont be investing further with the current board in place.