ACA partners invest 4 mil, they are a large fund. Iam sure...

ACA partners invest 4 mil, they are a large fund. Iam sure they’ve done research before commiting the cash. Similarly, morgan did a report on the company just 12 months ago. Again, iam sure they did their due diligent.

I don’t think the owners set out to defraud shareholders, however the circumstance was so easy. No one is checking, They might as well took advantage.

5 mil aud from ACA + 6 mil from IPO = 11 mil AUD. about 1/5 of what is supposedly in the banks...

From here, if ACA and mejority is smart. They would call an EGM and vote in new directors, replacing the GM.
Freeze the bank account. Then. Proceed to sell the company, sell jinjiang chaoda, XPD own 100 % china soccer which in turn own 100% jinjiang chaoda.. yes sell the company at 50 mil or 40 mil, even less than cash in bank if we need to.. don’t even bother with liquidation.. just sell the damn company quick and fast..if there’s. Money missing the new chinese owner can chase it up with jiameng zhang & his father.. it is too difficult for foreigners to engage chinese court, let the chinese engage them... the father and son shares get distributed last.. if money is missing, it come out of their portion.

Iam sure if you sell a company with 2 factories & cash in bank at $50 mil, for a sum of $40 mil cash... someone in china will jump in and buy quick and fast, they are then responsible for chasing up the cash and any litigation if require.