I managed to get hold of someone at WNB
Auditors are in there this week ... i presume to see if it is still a going concern ... they are still banging on that Spa Sale is afoot .. IMHO this is v v v unlikely as buyer will just wait and buy from administrator for a lot less than $1.1.m
Best hope is somone else either will put in $$ at huge discount (they can do this through a convertible note with a conversion price at a discount to average market price over a period of days) to keep going which will mean our shares will be massively diluted so current shares worthless for all practical purposes
Otherwise ... administrator appointed and shareholders get zilch
First option better for secured creditors
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- Ann: WNB September 2020 Appendix 4C & Commentary
Ann: WNB September 2020 Appendix 4C & Commentary, page-78
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