‘Federal Court Judge Michael O'Bryan on Friday said he was satisfied there was sufficient reason to intervene in Merlin Diamonds, due to the "nature and extent of the potential contraventions".
"I consider that the affairs of the company have been conducted without due regard to legal obligations," he said.
"I have no confidence that the affairs of Merlin are being carried on for the benefit of its shareholders."
Justice O'Bryan determined an examination of Merlin's accounts "by someone independent of the company" was required, appointing Deloitte as provisional liquidator to preserve Merlin's assets until a final hearing on ASIC's application to wind the company up.’
145 At this point in time, it is a matter of speculation as to what steps, if any, shareholders or noteholders may take following the appointment of a provisional liquidator. There is always the prospect of discussions and negotiations between the shareholders, noteholders and ASIC as to the future governance of Merlin.
and a few pinks
ask every other shareholder of CDU RFG ZYB OGX aul avq ctl etc etc what a stupid ? that is the stock mkt always DYOR
is AUL next ???
well is AUL going med way???
Looks like it
when .. what rate ?? what grade return ?? why no ASX news?? 4 cents by xmas 2018,,LOL
woods point full of tourist with gold detectors ,,say no more
they said the same for much worse about HDY till the fat lady sings..look at ISX a bit naughty ..look at avq $100 mill has vanished?? much worse then MED out in the asx
new board deal with creditors and bond holders . it may come back .. med not the problem it was the board ,project has great merit under new leadership..imo board. was the problem.