no news good news? n/c, page-6

re: news - not good news And of course their financial condition worsened in the March qtr as they had a large operating loss, spent $2.2mil on capitalised development & exploration and their bank balance reduced to $710k.
I was expecting ANZ bank to appoint administrators on Monday to protect the $9mil owed to them but the Directors have obviously convinced them to give them one weeks breathing space to finalise negotations with their 'white knight' whom the bank must regard as being genuine and not just 'hot air' - it will obviously be along the same lines as Creasy saving LEG last year with hundreds upon hundreds of million shares being issued for 2c or less to pay out the ANZ. At least this way the shareholders are still breathing and can sell their shares this financial year to realise their tax losses instead of waiting for the Administrator to become a Receiver,etc..
and with a good 'white knight' who knows......