Ann: Administrators Given Additional Time to Restructure, page-3

well, the 'hope' for any owners (shareholders) will be a rocket in the price of gold between now and 4 Nov; but the 'best offer' to keep going will be to help creditors, not shareholders; shareholders will only be OK if someone comes in and really wants the operation; but even then, I think the outcome will be a full payout to creditors, NIL payout for share holders, and some 'new' shareholders

perhaps a capital raise could be offered to current share holders, but it would need to be underwritten (to guarantee the monies to creditors)

at 3.9 cents the market cap is $39 mill; so a cap raise at 8 cents would inject $78 mill into the 'creditors'; since a cap raise below that failed, then the only hope of current shareholders buying out 'themselves' is a rocketing price of gold; but again, in my scenario, some private buyer will show up and offer $1 mill more... say $79 mill to own the lot themselves

the current shares, then, must be worth NIL; the only way the current shares could have value is if the POG rockets so much, so soon, the VA is lifted and it starts operation again; I mean the assets cannot be flogged pennies on the dollar IF the operation is profitable... can it?

but, again, owners have 'relinquished' all rights, I guess, when directors called in VA; the company is simply now run between/and for creditors and administrators; I hope POG can rocket another 200 or 300 in the next couple of months - to see what will happen

I wonder if anyone knows any example of a company trading out and then having shareholders not lose all

The mine plan really will tell all; maybe if POG hits $2500 then a bidding war will start for the assets - and someone pays $150 mill; if creditors are owed $111 mill, then it means if a buyers comes along then all creditors are paid out, and the 4 cent share price is 're-established' (111 mill + 39 mill = $150 mill); and share price would rocket up, as suddenly there is a mine with no debt making huge profit

as I type, I can think what will happen in that nirvana pog rocket scenario => the $150 mill would pay out creditors, the shares would be closed out at 4 cents (shareholders cannot ever recoup) and SOMEBOBY ELSE will own a debt free gold mine.

anyway you look at, it is no chance for any current holder; sorry

what is really crazy to think about is.... the margins on the unrealistic JORC 1.3 g/t were a certain value, which caused the share price. Margins, if achieved = share price 'x'. Let us say the POG rises by the amount the JORC was overstated in dollars)... say $600?; does this mean the share price should be back to the heady days of 50 cents and everyone is a winner

now I pick $600, as the hedge to 'lock in' the profit was $1700; at $1700 POG the share price was 50 cents; and their pretend (it was believed!) AISC about $1100; so there is your number.... margin of $600 per oz (1700 pog and 1100 AISC) yields 50 cents a share (before dilutions, sorry);

so let us say the REAL AISC will be 1700 forever (most recent production?).... so to get a margin of 600 again and a share price of 50 cents, GCY need an AUD pog of $2300; I did not follow the cap raises, so I dont know how much dilution to bring down that 50 cents, sorry

if I was a shareholder, I would look very closely at any information the administrators give out (do you have any rights?); at $2000-$2100 POG, the operation is viable based on all the info we have

and at $2300 pog all is happy again;

if I am way wrong, please howl me down; I never bought GCY, but nearly... as I anticipate POG being strong forever

geese, my post reads back like a fairy story