You can't help bad luck but this company went from announcing a potential US$93m deal on 20 April 2016, securing US$10m funding with U$2m paid upfront on 31 May 2016 and was dead two weeks later on 14 June 2016 with debts of $2.5m with no explanation from the board at that time …
20 April 2016
The media interpreted this headline to mean that AT&T intended to take over XTV for US$93.5M. Investors could be forgiven for making the same assumption.
View attachment 1178010
https://www.asx.com.au/asxpdf/20160420/pdf/436mqntfb9bpsx.pdf[/BCOLOR]
22 April 2016
XTV were forced to make a retraction …
https://www.asx.com.au/asxpdf/20160422/pdf/436pngyh9grcws.pdf[/BCOLOR]
2 May 2016
XTV Business update ...
https://www.asx.com.au/asxpdf/20160502/pdf/436yd0gbf70fnr.pdf[/BCOLOR]
31 May 2016
A very positive announcement from XTV as they secure funding (from Bergen) of US$10m with US$2m paid up front …
https://www.asx.com.au/asxpdf/20160531/pdf/437m0lcr6pmjjh.pdf[/BCOLOR]
14 June 2016
Two weeks after receiving the US$2m upfront payment (from Bergen) the company goes into a permanent halt with no explanation of why or where the money went ...
https://www.asx.com.au/asxpdf/20160614/pdf/437vsr79lnkr10.pdf[/BCOLOR]
8 July 2016
The board have all resigned and the caretaker board advise that the money borrowed from Bergen on 14 June has been used to repay previous creditor (East West) due to breach of covenants and Bergen now holds security over XTV assets …
https://www.asx.com.au/asxpdf/20160708/pdf/438gfcp5cyp8yt.pdf[/BCOLOR]
Time Line
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