Ann: Quarterly Activities Report and Appendix 5B, page-33

I understand that Phil was acting CFO and signed off on the annual accounts. Noel Witcher (previous CFO) was never replaced. Nobody can prepare or sign off on the half-year accounts with Phil gone. The auditors won't be able to sign off, NRZ won't lodge the accounts on time and will go into suspension by mid-March (the due date for lodging) and are likely to be permanently suspended. I have seen this play out before.

Even if NRZ can find an acting CFO, it is unlikely that the auditors will sign off on the half-year accounts and the suspension will happen.

Phil's payout most likely exceeds the cash balance (remember that Appendix 5B was 31 December, not today's balance). NRZ is most likely insolvent when you consider its other liabilities (rent, payroll, staff payouts on termination, etc.). NRZ may even enter suspension next week unless Justyn can get some funding from the South Koreans or Chinese.

You would need to issue EECP 700m - 1b new shares (almost double the number of shares on the issue now), which would require shareholder approval and onerous ASIC approvals as they would acquire > 20% of NRZ. This is unlikely to happen before mid-March (if at all).