Ann: Administrators commence recapitalisation process, page-28

You realise that between the debt which they slightly overpaid for & the money they've sunk in buying shares, they've probably sunk $90M-ish in to A40.... so even if they pick up the asset for an additional $0 now, it's still indirectly cost them a little under $100M if you want to include a few million for all the lawyer fees, support personnel, DD teams, etc. etc. over all this time to get the deal done.

...not the greatest deal of all time for GXY then is it? Pocket-change you say...

In my view, the asset only works if it's integrated downstream. For this reason I think Jiangte are in the box seat for a partial or full bid if joint with GXY to make a play.