Ann: Administrators commence recapitalisation process, page-8

Seems to me that GXY has no choice but to support the recapitalisation process as has been discussed previously.  A40 going into VA placed GXY in a situation they didn't want to be in...ie the VA now calling for potential bids from everyone.  

However, they have indicated they are willing to make a deal with whoever puts in the highest/winning bid or be paid out in full. Paid out in full means the secured owned amount (approx $40M). Means that they may not end up owning any assets or take a loss on their shareholdings like everyone else.  Also means that they can make their own bid if they want to.

The VA already said that it had 4 viable proposals and 11 in total.  I suspect the urgent wording is warning for anyone else out there that time is limited for any more proposals.  Could also mean the others proposals may have fallen through of course but all 11 would seem unlikely.

At least now A40 shareholders will have competitive bids for its assets instead of accepting a low ball offer from one buyer.

Recapitalisation/partial sale-JV/full sale one way or another.