On 17/5/11 ARR was placed into administration by BDO. The company was then moved to Grant Thornton to manage.
On 15/1/13 I tried to contact Ahmed at Grant Thornton on 03 8320 2222. He phoned back to say a company (Rack?) is intending to recapitalise ARR and he would be writing to everyone in due course.
I am still flabbergasted how a group of US citizens can arrive in Australia, raise money with stories of incredible technology, hand $80M to their Indian customer and then write it off because of an ancient Indian practice that the customer does not have to pay until he collects from his customers. To have the chair of the AGM inform the shareholders at the meeting that the Chairman's absence was due to his "at this very moment waiting on the relevant Indian Minister to make representations" was just more farce.
ARR Price at posting:
2.4¢ Sentiment: Sell Disclosure: Held
