To clarify, I didn't indicate that they don't own it. I indicated that they may have had an insolvency hearing in late last year.
Generally when a company become insolvent, it appoints administrators or they are appointed by the court to wind up the company. In this event, the administrators have a responsibility to liquidate the assets of the company to return funds to creditors.
It isn't always possible to liquidate tenements and mills, so administrators will often take cash and shares as payment, and either distribute these to creditors or hold these on their behalf.
If you look at Kagara, who was a big player in Zinc before they became insolvent, sold some of their tenements and equipment on the cheap for cash and script. MUX (who was taken out for about $60M six months after), RVR (which now has a mkt cap of $125M, previously like $10M), and MCT which hasn't benefited as much, but received strategic Insto investment as a result, and has one of, if not the largest in situ undeveloped zinc resources in the world (however it's modest grade and deep).
I am sure management are more on to it then us, so who knows a deal could be announced with administrators, assuming it is same Wingstar Investments, within days...What would that do for the SP.
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Some context for price - STILL TOO CHEAP, page-37
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Last
40.0¢ |
Change
0.005(1.27%) |
Mkt cap ! $79.87M |
Open | High | Low | Value | Volume |
40.5¢ | 41.0¢ | 40.0¢ | $4.889K | 12.07K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 249350 | 39.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
40.5¢ | 1558 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 249350 | 0.395 |
2 | 7435 | 0.390 |
1 | 48085 | 0.385 |
2 | 6500 | 0.380 |
2 | 15686 | 0.375 |
Price($) | Vol. | No. |
---|---|---|
0.405 | 1558 | 1 |
0.440 | 16590 | 1 |
0.450 | 20000 | 1 |
0.470 | 660 | 1 |
0.475 | 10500 | 1 |
Last trade - 11.20am 12/11/2024 (20 minute delay) ? |
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