Why voluntary administration could be the most likely pathway

Why voluntary administration is now the most likely pathway:

1. No deal = Voluntary administration
2. Applying the metrics of AWE's recent asset sale to AZZ's 1P reserves = Voluntary administration
3. US$13 - US$18 per 1P reserve = survival

Quarterly is due by the end of this month (by Sunday).

Anything less than some pretty convincing wording (including timing, revised purchase price, revised conditions precedent, deposit?) about in regards to this 'deal' and its voluntary administration.

We will know in 4 days or less (I wouldn't expect AZZ to release anything earlier - they seem to have a habit of releasing the absolute bare minimum at the absolute deadline)