I think something that may work in your favour is the suspicion I have that if a director of a public company were to cancel a substantial offer for an asset it owned, one it appeared to be seriously considering, and this was a decision which then directly led to the insolvency of that company and it's delisting from the ASX then it would likely incur charges to be laid and the director to be banned from operating as the director of a public company for quite some period of time. Also, if an administrator were to be appointed they could very likely contact the company which made the cancelled offer and see if they still want to purchase the asset. I believe one offer I saw from January would have been about $120m and was worth around 63c/share. So I don't think your investment could be considered lost as such. It has not been managed well at all in my opinion however, but an administrator would very likely do a better job of that. How is the creditor situation? Is the Company in substantial debt?
MTC Price at posting:
26.0¢ Sentiment: None Disclosure: Not Held
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