Advance Nanotek's hair-raising hypocrisy

Advance Nanotek’s hair-raising hypocrisy
Tom Richardson
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We’ve previously documented Advance Nanotek’s public criticisms of stock exchange operator the ASX. This time last year the suncream ingredient group’s chief executive,
Geoff Acton, threatened to quit the bourse in protest at perceived injustices perpetrated against it.
So we could hardly believe our eyes this week to see Advance Nanotek is using its ASX listing to raise $4.7 million from investors, with $935,000 of the proceeds used to make loans to employees to purchase shares on market.
That’s right, the self-confessed ASX critic is issuing shares to raise money to lend back to employees to buy more shares on the ASX. And get this, existing shareholders have no choice but to tip into this hare-brained scheme or end up being diluted.

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