These comments also offer accurate insight into what has...

These comments also offer accurate insight into what has happened so far and what may unfold. Imo a Deed of Company Arrangement will be agreed upon rather than liquidation within the permitted 25 days. GXY has much invested and strongly covets Alita's assets. As other posters have noted, the outcome may be better than expected for A40 shareholders.

SimonHay

Okay. Thanks Al. So moving on to Alita, we announced on Wednesday we would purchase the senior secured loan facility for US$31.1 million. This amount was made up with the principal accrued interest costs and early repayment fee. And gives Galaxy first ranking security over all the Alita assets and the key subsidiaries, with subsequent to that announcement, we got engaged with the Alita management on Wednesday and had what we thought were quite positive discussions. We presented a number of requirements and management was very receptive to these discussions and accepting of all the points that we raised.

So that was how we started. Those requirements included a further standstill on the debt facility for another week to allow Galaxy to work with Alita to examine the business in detail and the options that were open to us. Without hearing back from Alita, the Alita board then called in the voluntary administrators to protect their interest and then appointed KPMG as receivers and managers yesterday.

So where we are today is we have some people on site today with the receiver and manager. And will commence working with the receiving manager and the administrator to examine all the options that are open to us. Once we've determined the course of action we'll come back and explain what that is. We are not expecting that to be in the short-term. We expect that it'll take a number of weeks before we have a clear picture on the course of action.