BPG didn't go into voluntary liquidation Spozzie, it went into voluntary suspension on the ASX (initially voluntary, now it's a bit deeper than that).
Great that they now have some cash flow to get going but the interest rate is punitive and the conversion rate is a giveaway. Mind you, they wouldn't be able to get anything else. I'd love to know the relationship of the investor - I wouldn't be surprised if it's a family member - directly or indirectly.
Nothing surprises me with this company. Just a way for the family / friends to get access to any remaining assets.
I still don't believe that they will launch on 30 April, not from what I have seen this company do over the last 6 months.
Don't forget, it's with ASIC now and that will be an uphill battle to be allowed to trade again. If they lose the court case against Soarlabs, the Balance Sheet may show that it is technically insolvent??? - I don't know as we haven't seen a recent Balance Sheet. For those of you that are non Accountants, ASIC will not let BPG trade if the Balance Sheet shows negative net assets. The $1m does nothing for the Balance Sheet net assets position as you have $1m cash on the assets side with a corresponding $1m on the liability side.
The only way out then is for the directors to put cash into the business - and they won't do that!
Sorry for being negative but the directors will milk this company for everything
BPG Price at posting:
0.9¢ Sentiment: None Disclosure: Held
