Well things haven't been looking good ever since the suspension...

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