It's a pretty poor show that this company can end up like this. It had such promise and was virtually unchallenged in Australia for years.
Dropping the ball is an understatement, but I expect the end result is par for the course for the ASX: retail will lose their shirts.
The only way to do well out of public companies in Australia is to be on the payroll as staff/management or consultants.
Shareholders don't stand a chance and arguably that is why pretty much every start up never gets a chance and heads inexorably to zero... because the outcomes are always the same and the shareholders know what is coming so they head for the door at the soonest opportunity.
What does that say about Australian public company directors, the 'management' our universities churn out, the hedge funds? Everyone is constantly undercutting any value held by anyone else.
The current board will likely walk rather than go through admin and will likely hand over the keys and IP in exchange for what looks like a reverse list taking over the debt. 'Acquisition' !! lol.
Face it, in the light of the presto deal falling over, it was likely either announce this scant detail acquisition or call in the administrators due to the company likely trading insolvent.
Hence after a likely major dilution dressed up in drag to the 'vendors', the shareholders will then likely be given the privilege of pumping in more capital.
Then there are these Chinese run companies. In my experience the financials are 'interesting' or is that 'opaque' or is that 'heavily engineered'. And count yourself lucky if you even get to see the full financials with all the 'off balance sheet' stuff and inter-party loans going on over there.
