circular , page-8

Nothing sinister or surprising in the circular, just stating the obvious.

Debt for equity swap via DOCA is the best solution for all, as mentioned before depends what price they value the shares, keeping tax losses will be an important consideration as well as maintaining structure through an ASX listed vehicle.

HNC can take over as manager of JV due to CMR going into admin.

Another possible outcome is for HNC to put their 50% JV interest back to CMR for equity conditional on them lending or underwriting cash raising to pay out creditors.