I think it looks pretty bad personally. They have gone down the...

I think it looks pretty bad personally. They have gone down the road of international deals and eitherbeen naive and gulliable or just plain hopeful. In the meantime they have completely ignored the potential at home, if you combine MNF & ENG local VOIP revenue together it total $30M+ on margins of around 35%. If Freshtel had some of that they would be in a much better place.

There is still time for a turn around but with capital quickly draining options are becoming limited.

Personally, if I were given the reigns I would nuke the current operation, staff, expenses, etc and start afresh concentrating on building a local client base. Get some numbers on the board and then go to investors with a new plan and tryo to raise another $4M which would see it thru for the next few years.

ASIC are not interested in helping anyone and in this case the company has technically done nothing to break the law, they have just operated with extremely poor judgement.

Shareholders can call an EGM to vote on changes to the company but this is quite an effort and requires not on 5% for the calling of the EGM but a good majority of shareholders to vote for resolutions that will deliver a favourable outcome for shareholders. In short, you would need Tesco & other large shareholders on board.

Good luck, FRE holders are going to need this in spades from this point on.