Ann: Appointment of receivers and managers, page-75

First 75 Last

Share
Profile

Follow
Henry Walton

1,409 Posts.

2022

31/08/19

09:15

Post #: 40257595
Share

Originally posted by clik444c ↑

These comments also offer accurate insight into what has happened so far and what may unfold. Imo a Deed of Company Arrangement will be agreed upon rather than liquidation within the permitted 25 days. GXY has much invested and strongly covets Alita's assets. As other posters have noted, the outcome may be better than expected for A40 shareholders.

SimonHay

Okay. Thanks Al. So moving on to Alita, we announced on Wednesday we would purchase the senior secured loan facility for US$31.1 million. This amount was made up with the principal accrued interest costs and early repayment fee. And gives Galaxy first ranking security over all the Alita assets and the key subsidiaries, with subsequent to that announcement, we got engaged with the Alita management on Wednesday and had what we thought were quite positive discussions. We presented a number of requirements and management was very receptive to these discussions and accepting of all the points that we raised.

So that was how we started. Those requirements included a further standstill on the debt facility for another week to allow Galaxy to work with Alita to examine the business in detail and the options that were open to us. Without hearing back from Alita, the Alita board then called in the voluntary administrators to protect their interest and then appointed KPMG as receivers and managers yesterday.

So where we are today is we have some people on site today with the receiver and manager. And will commence working with the receiving manager and the administrator to examine all the options that are open to us. Once we've determined the course of action we'll come back and explain what that is. We are not expecting that to be in the short-term. We expect that it'll take a number of weeks before we have a clear picture on the course of action.

Expand

Same guy who was in the paper gloating about a "carve up" days before VA, now his mr nice guy.

You really believe anything he says?

A40 Price at posting: 8.2¢ Sentiment: Buy Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

WML

Woomera kicks off 2-pronged drilling at Mongolia's Bronze Fox Cu-Au play

LML

Lincoln Minerals to kick off fieldwork at Yallunda uranium project in the nuclear state, SA

QGL

Quantum Graphite snags new exploration licence in SA ahead of maiden drilling

TNC

True North shares jump on positive activity report as Cloncurry aims for Q1 production deadline

MKT

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

There are more pages in this discussion • 312 more messages in this thread...

First 75 Last

Add A40 (ASX) to my watchlist

Ann: Appointment of receivers and managers, page-75

Top Stories

Woomera kicks off 2-pronged drilling at Mongolia's Bronze Fox Cu-Au play

Lincoln Minerals to kick off fieldwork at Yallunda uranium project in the nuclear state, SA

Quantum Graphite snags new exploration licence in SA ahead of maiden drilling

True North shares jump on positive activity report as Cloncurry aims for Q1 production deadline

The ASX can overlook its Telecomm small-caps. Here’s one diversified brand with an international footprint

Featured News