Yes - I believe two companies have been approached on this project already. I think the vendors are asking for a valuation of $3 million which unfortunately is too unrealistic in this current market.
Even for an RTO, a $3M EV will be tough to raise the minimal $4M+ cash required to kickstart the relisting, not to mention the extra EV from crunched stale holders + possible facilitation shares.
If vendors are willing to drop their valuation to $1 - $1.5M then it might be a bit easier to find a distressed shell for it.
The ASX Casino- Home of the Shell Hunters, page-100
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