annual report, page-3

If you read the annual report carefully you would have read that they are effectively broke by 31 December 2008 unless they get the mnerger done.

It is very concerning that the docuemtns for the merger have been delayed by nearly a month. The company says it just wanted to get the AGM docuements done but that is nonsense.

My bet is that the people from m8 and Clear have got the company over a barrell and are trying to renegotiate the deal. Not sure why they would want to take shares at 5 cents now when they know the company will be in administration early January without them.

Pity the car dealer in Parrammatta, Damelian(?) is going to lose a heap of cash on this one at the same time GE pulls out from providing auto finance.