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AZZ antares energy limited

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Ugly surpise in mail today, page-4

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tt2000

5,039 Posts.

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25/11/16

19:07

Post #: 20899511
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Originally posted by Kano33 ↑

@tt2000

Commiserations to all. What an ugly state of affairs in this one. Summarizing a few of the main points from the report provided to creditors today. This is my read of them only, please let me know if I have misread anything.

1) Crook-shank sold the last BBEP shares and basically emptied the bank account to pay himself and his mates their accrued "entitlements" just as the administrators were appointed.
2) No due diligence into Wade Energy was conducted and even a basic google search should have revealed they didn't have the capacity to fulfill the deal.
3) The assets were definitely not worth 250 million or even close at the time of the proposed bid and are now worth very little.

Delightful

Ah, think of the tax loss.

This is all me paraphrasing section of the creditors report provided today

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PS - i forgot to say thanks for that update @Kano33

AZZ Price at posting: 50.0¢ Sentiment: Sell Disclosure: Held
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Ugly surpise in mail today, page-4

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