As I understand it - he is not limited if he funds via a...

As I understand it - he is not limited if he funds via a convertible note as he has in the past. As its not an outright share deal he does not have that issue and can call a general meeting to approve any conversion without the requirement for an offer to minorities. So nothing precluded him from extending his convertible note plan.

The company in the offer document made note that the C group may go from, 19.8% to 25% if they took up more than their rights. So it was outlined and as such as underwriting I think you are allowed to do that because its a passive increase as a result of others inaction rather than your action.

The document also noted that all directors at the time would take up their full allocation. That did not eventuate as well. So I think the creep rule etc had nothing to do with the withdrawal of support by the C group.

As regards challenging anything that has happened I was told that the administrators role was to seek a solution and that the liquidator would seek to inspect the events and that administrators dont do that as a normal course only if the company goes to liquidation would they (normally the administrator becomes the liquidator)then investigate challenges and issues raised as regards the circumstances surrounding events insofar as undue preferences and legal obligations.

That was told to me by a friend in the legal world so I have not gone further to check its accuracy.