Interesting 11 hour maneuvering. KordaMentha initiating a loan to repay the secured debt holder is an interesting move. As for who is CHEL? Appears to be a shell company in the Cayman Islands. By getting the VA to repay the secured debt holder provides an opportunity for CHEL to gain control without having to source the funds to pay out GXY. Will be interesting to see how this plays out legally, given the deadline for a DOCA is mid December. Also a VA wanting to take out a loan of that magnitude while a company is in receivership without being held liable is an interesting move. As for my position. It remains unchanged, I would prefer GXY recoup it's loan and apply it to a less marginal asset. Also acquiring A40's assets would involve a significant additional cash outlay let alone keeping asset on C&M and any costs involved in restarting operations when the spod market picks up again.
A40 Price at posting:
8.2¢ Sentiment: Sell Disclosure: Held
