Commiserations holders ... a few comments from reading thru above comments.
AJM recap - to match PLSs offer each and everyone of you would have had to stump up ~10c for every 7c share you owned. You’d then need to also cover working capital and the running losses of the business. Many (most?) on this forum wouldn’t have stumped up that cash. For proof - just look at what retailers chipped in for previous raisings.
AJM owned ALO (now likely lost) ... but as @o.c.16 pointed out in his post earlier today, AJM still owns some tenements that will stay with the “shell”.
Also, there are massive (and valuable) tax losses from this debacle. Not sure if these assets go to PLS or whether AJM will keep them (can any tax lawyers comment?). Why isn’t anyone discussing these?
It appears to me that AJM were trying to rip off creditors with a A$180M offer (AFR reported a A$150M equity raise + $30M debt) vs PLSs ~A$250M offer. If so, suggest you reconsider who may have been acting unconscionably! I don’t hold PLS, but IMO it looks like KBs played a straight bat.
Some holders don’t seem to realise that equity positions are the highest risk/greatest return. Instead some here think Australian taxpayers should bail them out of a poor investment decision! Suck it up sunshine’s - it was your greed that caused you to buy and you made a mistake, own your decision and consequences rather than blaming others.
So some balance guys ... there will likely be at least something small left as AJM, maybe something of worthwhile size if AJM keeps the tax losses. But, don’t blame PLS for offering creditors a deal that covers YOUR liabilities when YOUR directors couldn’t/wouldn’t negotiate a deal that would. That’s unfair and naive, suggest instead cheer on others to make higher bids so employee benefits and unsecured creditors are paid in full ... plus perhaps even something from the project for equity holders.
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