Sorry, I stopped when I got to the part about Ganfeng having no chance to support because of FIRB.
That is patently absurd.
Ganfeng could have honoured contractual terms with AJM. They weren't some struggling little independent converter trying to stay afloat.
They chose not to support AJM when they needed it most. Complaining they didn't get a fair chance to acquire a large stake in AJM after they added enormously to it's financial predicament is nutty.
As far as I'm concerned, even if there wasn't a trade spat going on with China at the time, FIRB should block any attempt by a foreign player to gain control of an Australian operation in which they had a direct and significant role in it's demise.
Ganfeng waited to the last moment to come to the table with any mention of an equity injection in order to get a larger stake in any recapitalisation - if there ever was an offer as I'm going by media reports on that one. Too bad they left it too late.
As for it happening so quickly at the end of the year of Covid, do you have any idea of when the BOD sought safe harbour from insolvent trading?
I'm unsure I have seen you cast any blame towards Ganfeng or the BOD that had a very unhealthy appetite for financial risk.
Ann: December 2020 Quarterly Activities Report, page-280
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