Receivers would not have sold anything and would be maintaining the operation.
I do not have a view on SoP but at the very worst, this is a cheap option play for RWD. They are buying assets that cost $400m+ to develop for $20m. If they get things working as they should, they could 20x their money here.
Downside is they don't get things working and sell the hard assets being plant, equipment and portable accomodation which may well be worth more than $20m.
This is why the director is essentially happy to stump up nearly $9m himself with loans from his private investment vehicle.
Ann: REWARD SIGNS EXCLUSIVITY DEED TO ACQUIRE BEYONDIE PROJECT, page-23
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