Don't wanna start an bunfight on the internet but 99% is probably a tad high, it's more like 75%.
Most VAs are entered into because of solvency fears. A little over month ago the board and auditors signed off on HY reports where the net asset position was positive by around 600m.
Deterioration of net assets in 3 months at roughly double the 2015 full year run rate? Conditions weren't that bad in Q1.
We'll have to wait for the 2nd creditor's meeting but I'd be extremely surprised if the group was insolvent at time of appointment.
ARI Price at posting:
2.2¢ Sentiment: None Disclosure: Not Held
