How do you think it might get back to 1.50 when the Nomads have resigned & will be off the aim listing officially on 28th of this month. The only hope here is legal action against Directors probably over the next 6 - 8yrs.
What I do not like is how little we have been consistently told by the company about who the bondholders are, the earlier nda's, the missing sto money, and of course the phantom stg5m gensets. Many questions need frank answers here.
It seems to me that it is worth focusing on actions that might help to provide some form of recovery:
1) Following the appointment of liquidators in the BVI, seek to ensure that the liquidators undertake a proper sales process. It will of course be particularly concerning if the liquidators sell to the bondholders or parties connected to the bondholders.
2) Ensure that the liquidators give proper consideration to bringing claims against the directors of the company. The directors were obliged "to act honestly, in good faith and in what the director believes to be the best interests of the company". Additionally, they had "a duty to exercise their powers and perform their duties with a level of care, diligence and skill that a reasonable director would exercise in the same circumstances, taking into account (amongst other things) the nature of the company, the nature of the decision, the position of the director and the responsibilities undertaken by the director." It will be important to particularise the breaches of these obligations to the liquidators and present a compelling case that they have a reasonable prospect of succeeding in a claim against the directors.
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