Read Ferrier Hodgson reports which can be accessed via their website to get all the background information.
Currently IMC Resources working with Ferrier Hodgson who have the expertise to help salvage and restructure and recapitalise the company (subject to creditors and shareholders approval)and hand it back to a new board of directors (obviously will be dominated by IMC now). If all goes well the board will be able to take back control of the company and the company can commence trading on the ASX again.
A deed of Company arrangement is now being prepared to be put to interested parties - could take a month or so yet to sort things out. Check with Ferrier Hodgson via email if you want to be kept up to date.
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