Ann: Appointment of voluntary administrator , page-71

Davidob - I wish I had as enthusiastic shareholders as INT has in part.

The reality for me is that no deal is worth it unless you can bring The c group along. My reasoning is simple - Like all finance deals an act of insolvency would trigger immediate due and payable. That means that The C groups Con notes are immediately capable of repayment upon demand.

The events of 2 July mean you cannot just raise $600K or even $1million and it all goes away. You would have to provide for the repayment of the con notes unless you had the support of Mr C.

Then there is also the hard side to me as I report to investors. So from their perspective why would they refinance at 0.1c and let everyone stay in the game.

The administrators had to be called in - that was / is a game changing event.you don't have the luxury of time on your hands. If no-one puts in a proposal then expect the c group to have a clear pathway.

If a deal is to be done you have to negotiate with Mr C. Personally I am not even sure I would want to keep it listed. You must have huge savings if you can take it off the ASX for a few years. Much easier to deal with cash issues and the processes without ASX rules.

Firstly IMO the ordinary shareholders capital is gone - Yes ASIC may well compel the C group to put in $600k if an agreement can be found or have a go at whoever put out the letter. I have no idea what the legal standing of all of this noise is.

The best person to talk to Mr C is KR IMO. They must have spoken over the past few years. I would propose that a company be set up that is a public co just to hold all the minorities shares and that it ends up as two shareholders - The c group and the Minorities and its a private company but all shareholders would have to put some money in or be diluted to virtually nothing.

Knights on stallions are really only in dreams IMO.

Alternatively just let it go - It may well be the best thing since sliced bread but if you dont have the guts to put the house on the line then I am afraid you cannot sit at the poker table. If you have already put the house on the line - its gone I am afraid. New money is needed.

I would urge everyone rather to talk deal with Mr C than see him as opponent.

Very small nominal shareholding already assumed to be worthless.