Tailslide, You are right on the unpaid rates. A shire will do what it has to do to get rates. For small amounts they will send a bailiff around to your office to start removing computers and furniture (I had a bailiff from a shire come around to my place, for less than $1,000 of mining lease rates). First time I've heard of a windup threat, must have been near $100,000 debt.
This idea of facilities that are available but will never be used is not new. The same sort of arrangement could apply to resources in the ground, where resources which are marginal or not economically treatable are tranfered between companies for warehousing in their balance sheets. As an unmined resource they look better than the liability they really are. If the leases really do have value or potential you get CASH up front.
IMO the I could make a case for the northern leases being an unminable resource (been sitting there for 5 1/2 years now), after stories of "JORC compliant", "early cash flow", "toll treating", etc. It cost them zero cash, at that time $700,000 in shares.That vendor would have seen the value of the shares fall to $100,000 and then $13,000 after consolidation.
That Stock Assist detail (I didn't know about) must have a story or two. The third party who parted with the 80% of Forrestonia should be spewing, unless as you say there's a story we dont know.
CLZ Price at posting:
2.0¢ Sentiment: Hold Disclosure: Held
(20min delay)