all will be lost if going into administration, page-13

"IF no one took up the SPP - you really think GXY would be trading on ASX ???"

No, and that would be the best possible outcome....

Management gets the flick.
Shares remain undiluted.
Administrator put's up the for sale sign.
GXY gets sold to the highest bidder: (~$300m very cheap!).
$165m goes to lenders, $130m goes to shareholders, $5m goes to the administrator.
Shareholders receive: $130m/555m = 23c/share

These ripp-offs should get out and give us our assets!