So.... today's announcement outlines that Sean Corbin has...

So.... today's announcement outlines that Sean Corbin has provided the following information to the Administrators:

"Over the last year the above businesses struggled in an uncertain economic environment which combined with continued expansion of the group lead to cash flow constraints."

So if the group was struggling so much, why only on May 20 was there an announcement highlighting a 9 month profit of $5.1m? 14.4% increase in EBITDA and 15.4% increase in NPBT?

In late December, the company was trading at 19.5c.

On 21st December announced "Turnaround story, Growth Stock, Undervalued, Increased NPBT of $7.2m, EPS estimate of 3.2cps" yet the "businesses were struggling" according to Corbin today.

The company had many announcements and public Shareholder presentations between Dec and May outlining the good results of the company, with a full year profit guidance of between 6 and 7m? yet the "businesses were struggling" according to Corbin today.

Following the 20th May presentation (share price was 8.5c); only 14 working days later on 9th June, the company went into trading halt to announce major profit downgrades, forecasting losses for the year to be in the vicinity of (negative) $9-10m. Before the announcement the SP eroded 25% from 8.5c to 6.3c. What caused this erosion?

The board has some SERIOUS questions to answer IMHO.