Looks like Trading halt?, page-12

Reading the accounts - you will find that the head company acts as guarantor to the loans to the subs ..........

so -if an administrator is appointed - minimal value for ALL classes of security holders ..........(and IF the company actually comes back onto the board - it WILL NEED to 1. restructure the pxupa's (ie remove the 15% equity issuance ); 2. raise additional equity capital (to pay down debt)......)

if "winding up" - then some value remains for PXUPA holders ..........

rgds

V_H