agreement reached, page-16

Bly, I am not talking about the hawkswood receivers, I am referring to the banks where the capex funding was to come from. In case you have not read the media lately, banks are not even lending to each other. So I'm afraid it limbo land for borrowers atm.

All the repayment agreement means is in the event of liquidation the hawkswood receivers have priority over shareholders on the sale of any assets. It has nothing to do with control. All loans require security and this is no different. All ADY has done here is bought more time to get the refiancing sorted out.

As I said, there is a very easy remedy for ady's problems if the other sources of funds fail. Simply do a few more spot shipments to deal with this month's debts, announce the demerger and do a rights issue on the RLL demerger.

That means you get given one RLL share for every ADY share and you can buy another one pre-float if you want it.

That will fix the sp, cash them up by Nov 30, and tie them over until credit becomes more freely available again for upgrades to full production.

Both ADY and RLL are capable of maintaining their operations with existing production. So they can get on their feet even without the help of the banks if needed.